Siemens (NYSE: SI) has signed a partnership agreement for cooperation in the renewable energy sector with the two Russian companies Rostechnologii and RusHydro (RG2A.DE).
The three companies will establish a joint venture for wind energy, in which Siemens will retain the majority stake.
The planned joint venture is to set up production facilities for wind turbine components for the Russian market and will also be responsible for sales and service of Siemens wind turbines in Russia and other countries.
"This strategic partnership will put us out front on the highly-promising market for renewable energy in Russia", states René Umlauft, CEO of the Renewable Energy Division of Siemens. "In the coming five years we intend to install wind turbines with a total capacity of 250 to 500 megawatts (MW) per year."
Siemens said Russia is planning to have a wind power capacity of approximately 5000MW installed by 2020.
With this joint venture in Russia, Siemens is continuing to regionalize manufacturing for wind turbines. In the current year alone Siemens will bring three further factories for production of wind turbine components on line in the USA and in China. Other production facilities are planned for India and Great Britain.
Wind energy is part of Siemens’ Environmental Portfolio. In fiscal 2009, revenue from the Portfolio totaled about EUR 23 billion.
