The company, a part of the industrial conglomerate Kolektor, announced on Monday that the power transformers, with the voltage of 400 kW and the power of 400 MVA, will be delivered to Fingrid successively in the next four years.

The signing of the contract was attended by reporters of the business newspaper Finance, which quoted Fingrid vice-president Timo Kiiveri as saying that Kolektor Etra had won the deal in a very strong competition of companies from Europe and Asia.

Kiiveri added that the Slovenian company had been selected due to the quality of its technical solutions, also pointing to the good efficiency of its transformers and the favourable price.

Kolektor Etra commercial director Peter Novak told Finance that the company had been working on the deal with Fingrid since 2013 and that the conditions of the tender had been very strict.

"Even after we were selected as the best bidder, it was not easy. A team from Fingrid visited our factory two times to inspect it before the contract was signed," he added.

Fingrid, which last year generated EUR 852.8 million in revenue, owns the entire electricity transmission grid in Finland, operating a total of 66 power transformers with the voltage of 400 or 220 kV and a total of 116 substations.

For Kolektor Etra, which last year cracked the EUR 100 million revenue mark for the first time ever, the Nordic countries are the most important market, accounting for almost half of the exports or 40% of total sales, the company said.

The company also has some other ongoing deals in the region, including the supply of low-voltage transformers for wind farms under construction on the south-western coast of Finland.