Siemens unveils growth plans in Chinese power market

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German industrial group Siemens said on Monday that it had raised its stake in a joint venture with Shanghai Electric of China and added that other tie-ups were in the offing.

A Siemens statement said it now owned 40 percent of the Shanghai Electric Power Generation Equipment (SEPG), which installs gas and coal-powered generators as well as conventional parts for nuclear power stations.

Meanwhile, Siemens and Shanghai Electric intend to create another new joint venture to build Chinese steam and gas turbine power plants, with talks forecast to wrap up in the second half of this year.

A third project in the renewable energy sector is also planned, the statement said.

Previously Siemens owned 33.7 percent of SPEG. No financial details were available of the deal.

© 2010 AFP

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