Wärtsilä and Manara Consortium forge strategi...

Wärtsilä Corporation, Press release, 22 July 2008

Wärtsilä Corporation, a leading power solutions supplier, and the
Manara Consortium (Manara) have formed a unique joint venture- Manara
Wartsila Power Ltd (MWP), which aims to become the leading developer
of decentralized independent power producer (IPP) projects in Islamic
countries. MWP will develop, sponsor and invest in IPPs utilizing
Wärtsilä's leading edge reciprocating engine technology.

Manara comprises four leading regional investment groups, who,
together with 3i Group plc, have sponsored Manara Infrastructure Fund
LP (MIF), a private equity fund created to invest in infrastructure
and infrastructure-related growth opportunities in Islamic countries.
Among the sectors targeted by MIF include power and water, oil and
gas, transportation and telecommunications. Manara's investment in
MWP will later be transferred to MIF.

MWP is expected to have US$200 million in equity, out of which US$100
million has already been committed by the two shareholders at
inception. Manara is the majority owner of MWP with an initial equity
commitment of US$80 million. The equity commitment of Wärtsilä to the
joint venture, through its development and financing arm, Wärtsilä
Development & Financial Services (WDFS), will total US$20 million.

MWP will  develop and invest in power projects  with a capacity of
between 50 and 200 MW, and sell electricity to electric utilities,
industrial zones and municipalities. MWP will also seek to partner
with strong local sponsors, who can provide valuable local knowledge
and complementary development capabilities.

MWP will operate from Bahrain and will initially focus its efforts on
Pakistan, Saudi Arabia and the United Arab Emirates. MWP has an
extensive project pipeline and expects to deploy the initial US$100
million equity in a number of IPPs in advanced stages of development
in these countries.

Together, Wärtsilä and Manara bring to MWP extensive and proven track
records of power plant development and infrastructure investment
expertise.

"The timing is excellent for MWP", says Adeeb Ahmad, CEO of Manara.
"The entire region is witnessing unprecedented growth, and the demand
for power supply is at record levels. Regional governments are
actively seeking private sector participation in the power sector,
and we believe that 50 to 200 MW solutions based upon Wärtsilä's
flexible technology can play an effective role in plugging the
existing gap."

"We are delighted to have this joint venture with Manara as it will
further strengthen our offering for power solutions in the region.
The economic development and growth outlook in the target countries
will lead to interesting opportunities for Wärtsilä", says Christoph
Vitzthum, Group Vice President, Power Plants for Wärtsilä
Corporation.


For further information, please contact:

Mr Nauman Ahmad
Regional Director, Middle East
Wärtsilä Power Plants
Tel: [phone]
Tel. [phone]
Email: [e-mail]

Mr Markus Pietikäinen
Vice President
Wärtsilä Development & Finance Services
Tel. [phone]
Email: [e-mail]

Manara Consortium
Mr Salman Ahmed
PO Box 75714
Kingdom of Bahrain
Tel. [phone]
Fax. [phone]
Email [e-mail]


Manara Infrastructure Fund LP

MIF is a $1 billion* infrastructure private equity fund that brings
together experienced private equity investors and a proven management
team. MIF was established to capitalise on the growing investment
needs within the infrastructure and infrastructure-related sectors in
Islamic countries.

MIF's mandate is to take minority stakes in attractive infrastructure
and infrastructure-related growth opportunities in its target sectors
which include power and water, oil and gas/petrochemicals,
transportation, telecommunications, basic industries/natural
resources, social infrastructure and infrastructure-related sectors.

MIF's strategy includes the creation of regional platform companies,
development of unique investment opportunities in partnership with
reputable operators, participation in selective privatizations, and
acquisition of stakes in attractive projects in various stages of
development, including greenfield ventures.  * Target size


Wärtsilä Power Plants

Wärtsilä has state-of-the-art power solution technology with the
capability to  operate at the highest efficiency with outstanding
fuel flexibility, ranging from various gases to bio and heavy fuel
oils. Wärtsilä's flexible power plants also offer fast dispatch
capability, efficient part-load operations, and modular units for
easy future expansions. These plants typically range in size up to
300 MW, based on multiple engines from Wärtsilä's range of
reciprocating engines.

Wärtsilä Power Plants has a long history and extensive experience in
the design and building of decentralized power plants, executing
close to 100 projects a year and with a current 40 GW of
decentralized power plants installed or on order in more than 165
countries.

Wärtsilä Development & Financial Services (WDFS)

Wärtsilä Development & Financial Services (WDFS) has, since its
start-up in the early nineties, successfully developed and
financially closed more than 2500 MW of global IPP projects. The
projects have had strong local sponsors with WDFS taking minority
stakes in several projects.  WDFS also offers financial services to
Wärtsilä customers.

Wärtsilä in brief

Wärtsilä enhances the business of its customers by providing them
with complete lifecycle power solutions. When creating better and
environmentally compatible technologies, Wärtsilä focuses on the
marine and energy markets with products and solutions as well as
services. Through innovative products and services, Wärtsilä sets out
to be the most valued business partner of all its customers. This is
achieved by the dedication of more than 17,000 professionals manning
160 Wärtsilä locations in 70 countries around the world. Wärtsilä is
listed on The Nordic Exchange in Helsinki, Finland.

www.wartsila.com