Dovre Group Oyj - Company Announcement

DOVRE GROUP EXPANDS INTO RENEWABLE ENERGY PROJECT DEVELOPMENT BUSINESS

Espoo, Finland, 2012-03-05 07:45 CET (GLOBE NEWSWIRE) -- 

Dovre Group Plc             Stock Exchange Bulletin                 March 5,
2012 at 8:45 am 

DOVRE GROUP EXPANDS INTO RENEWABLE ENERGY PROJECT DEVELOPMENT BUSINESS

Dovre Group Plc has on March 2, 2012, entered into a strategic partnership
regarding Biomass-to-Energy project development in South East Asia and acquired
a minority share in SaraRasa Biomass Pte. Ltd., a renewable energy project
developer based in Singapore. The partnership is a step towards expanding the
Group's business in the renewable energy sector by leveraging the Group's
existing core competences in project management and development. As part of the
partnering agreement, Dovre Group will also invest in the first project
developed by SaraRasa, which is a pellet processing plant using sustainable
waste material. The other owners of the plant, which will be located in
Indonesia, are SaraRasa and financial investor Stahl Capital Ltd. Dovre Group's
total investment is around EUR 1.4 million. 

Dovre Group has extensive experience as a provider of project management
services and solutions for demanding investment projects. The partnership with
SaraRasa has arisen as part of the Group's ongoing study into the possibility
of expanding the Group's business in the renewable energy sector, including
developing, financing, and managing renewable energy projects in cooperation
with local project developers. The overall study covering other geographical
areas, renewable energy verticals, and new business models is planned to be
completed during spring 2012. 

“We are very excited about entering into a partnership with a highly skilled
project development team specialized in renewable energy,” says Janne Mielck,
CEO of Dovre Group. “This is a new strategic opportunity for Dovre Group, and
our intention is to work together with SaraRasa on other Biomass-to-Energy
projects in the future.” 

“The partnering model with Dovre Group suits well our growth plans as a local
project developer,” says Saku Rantanen, CEO and co-founder of SaraRasa. “Dovre
Group's offering covers the entire project development process from feasibility
studies through project implementation to investors' exit. This approach helps
us to improve our project management processes, reduce the project risks, and
to increase the project's profitability.” 



For further information, please contact:

Dovre Group Plc
Janne Mielck, CEO
Tel. +358 (0)20 436 2000
janne.mielck@dovregroup.com
www.dovregroup.com


SaraRasa Biomass Pte. Ltd.
Saku Rantanen, CEO
Tel. +65 9650 2889
saku.rantanen@sararasa.com
www.sararasa.com



Dovre Group is a global provider of project management services and software.
Dovre Group consists of three divisions: Project Personnel, Consulting, and
Software. In 2011, the Group's net sales were EUR 73 million. Dovre Group
employs over 400 people worldwide. Dovre Group is listed on the NASDAQ OMX
Helsinki (symbol: DOV1V). 



SaraRasa Biomass Pte. Ltd. is a renewable energy project developer and biomass
producer based in Singapore. More about SaraRasa on www.sararasa.com. 



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