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Siemens Project Ventures acquires stake in Hungarian power plant company

Siemens Project Ventures has acquired a 50% stake in South Energia, a project company set up to build a HUF 160 billion power plant in the Hungarian city of Szeged, Switzerland's Advanced Power, Siemens Project Ventures' partner in the project company, told MTI.

South Energia will build and operate the 880MW gas-fueled, combined cycle power plant. Construction of the plant is to start in 2012 and it will go online in 2015.

The plant is the eight such project on which Advanced Power and Siemens Project Ventures have cooperated.

Siemens Project Ventures has participated in the construction of 14 power plants with combined capacity of 8,000MW.

Advanced Power has 840MW of power plant capacity, but it its building a further 4,780MW of capacity at seven plants and it plans to build a further 2,800MW of capacity with a value of $4.6 billion. (MTI – Econews)