LONDON – In connection with German Chancellor Angela Merkel's visit to Russia Siemens AG has signed agreements in Yekaterinburg to supply wind power and railway technologies over several years with a total value of several billion euros.
Under the agreements, Siemens is to modernize 22 railway switching yards by 2026 and supply Russian Railways (RZD) with 240 regional trains over the next ten years. Siemens is also to install wind turbines with a total capacity of up to 1,250 megawatts in Russia by 2015. In order to manufacture most of the products in Russia, three joint ventures with Russian partners are planned.
With 88,000 kilometers of track, Russia boasts the world’s second-largest railway network, in which RZD intends to invest some €380 billion (about $500 billion) by 2030.
At the same time Russia is planning to install wind power systems with a total capacity of roughly 5,000 megawatts by 2020. Siemens wants to install at least 1,250 megawatts of capacity by 2015 alone. To achieve this goal, the company is planning to establish a joint venture with the Russian companies Rostechnologii and RusHydro. Siemens will retain a majority stake in the new company, which aims to manufacture wind turbine components for the Russian market. The agreement of the strategic partnership will make Siemens a pioneer in the Russian market for renewable energies.
Peter Löscher, Siemens president and CEO, also signed an agreement making Siemens a partner in the Skolkovo Innograd Foundation in Yekaterinburg. Skolkovo Innograd will establish a research center devoted, among other things, to energy efficiency.
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