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24 June 2008 - Siemens Energy and the Russian power plant supplier Power Machines have signed an agreement in St. Petersburg on the licensing of Siemens advanced gas turbine technology.
Under the terms of the licensing agreement Power Machines will acquire from Siemens the technology and production, marketing and service rights for SGT5-4000F gas turbines rated at 285 MW.
At the same time Siemens signed a shareholder's agreement with Alexey Mordashov, the principal stakeholder in Power Machines, covering the modalities of the cooperation for further development and modernization of Power Machines.
"Since Alexey Mordashov, the new principal shareholder, came on board, the dynamics of cooperation with Power Machines have significantly increased. Together with our partner Power Machines we have already secured orders in Russia for a large number of power plant projects," said Peter Loescher, CEO of Siemens AG.
Power Machines will produce SGT5-4000F gas turbines and market them for power plant projects in Russia, Belarus, the CIS, the Baltic States and India. Production of the components for the first gas turbine of this type in Russia is scheduled to begin in 2009. Power Machines will handle machine assembly.
"Siemens is not only providing the technology; we are also supporting Power Machines with state-of-the-art management know-how and providing the company's COO," said Loescher.
With an installed capacity of 218 GW Russia is the world's fourth largest power market. The country is facing a major challenge to replace and expand the aging power plant fleet.
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