Metso is to buy the 40 per cent share held by Wärtsilä in their joint venture MW Power.

The deal is subject to approval from EU competition authorities and is estimated to be completed by the end of July. The value of the agreement has not been disclosed.

“In the future, Metso will develop MW Power’s business as part of its comprehensive power generation solutions offering for the international market,” says Jyrki Holmala, president of Metso’s Power business line.

Founded in 2009, MW Power supplies small- and medium-sized heat and power plants for European market, and focuses on renewable fuel solutions. Its main customers are municipalities, process industries and utilities. The company has a total of 250 employees in Finland, Scandinavia, the Baltic area and Russia.