Siloviye Mashiny's press service said the contract had been signed after a tender, which also involved General Electric Hydro (U.S.) and VA TECH (Austria).
The contract stipulates the modernization of the working mechanisms of two hydro-turbines and stators in the hydropower plant's hydrogenerators. The capacity of hydro-units will increase to 48 megawatts, and the efficiency ratio will grow from 85% to 93.9%.
The Russian company, which is based in St. Petersburg, is expected to start delivering the equipment in May 2006, and the two power units are to be commissioned in November 2006 and November 2007.
Siloviye Mashiny is currently pursuing some other projects in Scandinavia with Fortum, including the modernization of a nuclear power plant, three hydropower plants in Finland and one in Sweden.
Siloviye Mashiny is a leading Russian equipment producer and supplier of hydraulic, heat, gas and nuclear power stations, which are used for the transfer and distribution of electric power, and transport and railroad networks. Its equipment is installed in 87 countries. Siloviye Mashiny shares are traded on the Russian Trading System.