This article describes a procedure for knowledge creation in power plant engineering. Power plant construction typically involves virtual enterprises (VE), which are gathered from company-specific virtual networks (VN). With a focus on the inception phase of the construction project, the paper presents the principles that can be applied in collecting, creating and using standardised information. In Globemen Fortum Engineering (FE) has started the development of a knowledge creation environment (KCE) to support its VE concept. The tools available for collecting and classifying tacit knowledge are also presented. KCE is developed step by step through the implementation of advanced commercial tools in phase with the generation of document and data templates. The paper concentrates on the process of knowledge evolution from tacit information to explicit data, which can even be coded. The management of the total lifecycle information on the power plant is also introduced. The paper includes the data model by which the functionality of VE can be tested during its establishment. In practice the testing may mean, for example, the optimisation of delivery boundaries within VE. This information is classified and stored using the hierarchical system common for product models, making possible an organised collection of feedback information from finished VEs. The hierarchical structures also support product development and Internet-based data exchange between partners. The paper includes a description of a case study concentrating on the collection and use of a product's lifecycle data in VE. In the case study KCE is tested as an environment to offer modularly implemented support for VE.