Valmet Corporation's press release on March 23, 2016 at 12:00 p.m. EET

Valmet will deliver three boiler plants and an automation system to the new Kilpilahti combined heat and power plant in Porvoo, Finland. The new plant will produce and supply steam, electricity and feed water to Neste's refinery and Borealis' petrochemical plant. Kilpilahti Power Plant Limited is owned 40% by Neste, 40% by Veolia and 20% by Borealis. The startup of the plant is scheduled for 2018.

The order is included in Valmet's first quarter 2016 orders received. The value of the order is around 100 million. The order was placed by Tecnicas Reunidas, an EPC company which will carry out the design and construction of the power plant on a turnkey basis.

"This power plant will supply energy to an industrial process and it is technically very demanding. Our solution combines wide range of Valmet expertise from boiler and flue gas cleaning technology to process automation to enable good fuel flexibility, high availability and low emissions at the Kilpilahti power plant. The boilers will be able to utilize various solid and gaseous side streams from the refinery and petrochemical plant for energy production," says Kai Mäenpää, Vice President, Energy Sales and Services Operations, EMEA, Valmet.

Technical information about the delivery

Valmet's delivery includes three boilers, flue gas cleaning systems and a power plant automation system. One of the boilers is a Valmet CYMIC boiler based on circulating fluidized bed (CFB) technology and two are oil and gas boilers. Each boiler has a fuel capacity of 150 megawatts (MW). Boilers will be equipped with flue gas cleaning systems including baghouse filters as well as wet scrubbers. Valmet DNA distributed control system will cover the whole power plant. The contract also covers installation, training and commissioning for the equipment.

The boilers combine high efficiency combustion with various solid and gaseous side stream fuels from the refinery. New power plant will comply with the latest environmental regulations, including the European Commission's Industrial Emission Directive (IED).

VALMET
Corporate Communications

For further information, please contact:
Kai Mäenpää, Vice President, Energy Sales and Services Operations, EMEA, Valmet, tel. +358 10 676 2410

About Kilpilahti Power Plant Limited
Neste, Veolia and Borealis have agreed to create a joint venture company to build a new combined heat and power plant ("power plant") and produce and supply steam and other utilities to Neste's refinery and Borealis' petrochemical plant in Porvoo, Finland. The company, Kilpilahti Power Plant Limited ("KPP") is owned 40% each by Neste and Veolia and 20% by Borealis. Neste will contribute its required equity share in KPP by transferring the current power plant to the joint venture company.

The new power plant with an installed capacity of 450 megawatt thermal and 30 megawatt electrical will run on side streams from the refineries as well as natural gas, with asphaltene being the main fuel.

About Tecnicas Reunidas
Técnicas Reunidas is one of the few companies in the world able to work in areas as diverse as oil and gas, power generation, oil refining and petrochemical industry. Since 1959, TR has designed and constructed more than 1,000 industrial plants in over 60 countries.

Valmet is the leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. We aim to become the global champion in serving our customers.

Valmet's strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Our advanced services and automation solutions improve the reliability and performance of our customers' processes and enhance the effective utilization of raw materials and energy.

Valmet's net sales in 2015 were approximately EUR 2.9 billion. Our 12,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the Nasdaq Helsinki.

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