Wärtsilä and IDRO sign cooperation agreement to develop power generation in Iran

Mike McDonald
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November 3, 2016

The Memorandum of Understanding was signed by Mr Fardad Daliri, Executive Vice President for IDRO Industrial Investment Development and Mr Javier Cavada, President of Wärtsilä Energy Solutions

Wärtsilä and Industrial Development & Renovation Organization of Iran (IDRO), the largest industrial corporation in Iran have signed a Memorandum of Understanding (MoU) on October 29th. The MoU was signed in connection to the President of Finland Mr. Sauli Niinistö’s recent visit to Iran. With this agreement, both parties agree to cooperate on the development of decentralized power generation in Iran, including power plant operations and maintenance services and related liquefied natural gas (LNG) infrastructure. 

Wärtsilä will provide relevant expertise and resources to support IDRO in its objective to improve the infrastructure and develop the Iranian industry. In a second phase this cooperation will be extended to the marine sector and the Iranian shipping industry. 

Currently IDRO owns more than 120 subsidiaries and affiliated companies operating both domestically as well as internationally. Iran ranks among the two biggest countries in the world when it comes to oil and gas reserves. The country plans to investment more than one hundred billion USD in its oil and gas industry in the next 5 years. The nominal capacity of power generation in Iran is planned to grow by more than 25 gigawatts in the coming 5 years. This progressive growth plan is needed in order to achieve the strategic targets of further developing the Iranian industry, manufacturing skills and power plant project execution. 

“With this agreement, Wärtsilä is showing its commitment to support the development of the Iranian industry and power generation sector, on the basis of a mutually beneficial relationship,” says Javier Cavada, President of Wärtsilä Energy Solutions.

“Wärtsilä’s proven capability to deliver high quality, efficient, and flexible power solutions will support the ambitious development program of Iranian industry. IDRO will play a key role in expanding industrial know-how and localizing related competences,” says Fardad Daliri, Executive Vice President for IDRO Industrial Investment Development.


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