Electrowatt-Ekono, which is part of the Jaakko Pöyry Group's Energy business group, has expanded its operations in Europe by acquiring 70 per cent of the shares of the Italian company S.P.E Servizi per l'Energia based in Genoa. S.P.E Servizi per l'Energia specialises in consulting and engineering services mainly for thermal power plant projects. The company's net sales for 2005 are about EUR 4 million.
Founded in 1997 and privately owned, S.P.E Servizi per l'Energia has been successful especially in large combined-cycle power plant projects. It currently serves as owners engineer in an ongoing 800 MW project and provides pre-investment services for two other projects of similar size. The company's current order stock is about EUR 4 million.
The acquisition of S.P.E Servizi per l'Energia fits well with Electrowatt-Ekono's strategy to increase its presence in the southern European market. The Italian market is currently attractive since there will be a need to increase the power generation capacity by 20 000 MW during the next five to ten years. In addition, several renewable energy and waste-to-energy plants are expected to be constructed in Italy during the next few years.
The Energy business group, operating under the brand name Electrowatt-Ekono, had net sales of EUR 146 million in 2004. Electrowatt-Ekono has offices in 22 countries and employs 1500 experts worldwide.
JAAKKO PÖYRY GROUP OYJ
Satu Perälampi
Investor Relations Manager