NIB Nordic Investment Bank


Finland. Wärtsilä Corporation

Date of loan: 16 Feb 2017
Country: Finland
Customer: Wärtsilä Corporation
Amount in EUR: EUR 40 million
Maturity: 7 years
NACE sector / loan type: Manufacture of machinery and equipment n.e.c.


Industries and services


The loan has been provided to finance Wärtsilä’s acquisitions of the Finnish software engineering company Eniram Oy and of American Hydro, a leading supplier for the hydroelectric industry.

Based in Helsinki, Eniram develops digital energy management technology that is aimed at reducing fuel consumption and emissions in the maritime industry. Eniram’s solutions can be used for ships at both vessel and fleet levels, including cruise liners, tankers, container ships, bulkers and ferries.

American Hydro is a provider of large equipment upgrades for the hydroelectric and water distribution industries, and specialises in high-performance turbines and pumps. American Hydro is headquartered in York, Pennsylvania, and operates a service centre in Montreal, Canada. The acquisition was completed in June 2016, and the company is now part of the Wärtsilä Service business.

Originally Finnish, the Wärtsilä Corporation is a global leader in complete lifecycle marine and energy solutions. It has operations in more than 200 locations in nearly 70 countries around the world.

Fulfilment of NIB's mandate

The acquisition of Eniram Oy will broaden Wärtsilä’s digital product portfolio and strengthen its ship management and analytical infrastructure. For Eniram, a Finnish clean-tech enterprise, the bundling of its services with Wärtsilä’s is expected to grow its customer base. Further, the project is likely to have positive spill-over effects on the marine cluster in NIB’s member area.

The acquisition of American Hydro expands Wärtsilä’s hydropower and industrial service offering to the North American and Latin American markets, and thereby supports its growth strategy.

Sustainability summary

No significant environmental risks connected to the acquisitions have been identified.

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