FRANKFURT, Nov 6 (Reuters) - German industrial group Siemens has signed a long-term energy cooperation agreement worth over a billion euros ($1.1 billion) with Bolivia, it said on Friday.
Under the terms of the memorandum of understanding, Siemens intends to supply gas turbine combined cycle equipment to expand three thermal power plants owned by state utility Ende Andina under the government’s 2025 Patriotic Agenda, it said.
Siemens is accelerating its efforts to sell power turbines in markets outside Europe, where the market is dwindling due to a switch to renewable energy. It signed an 8 billion-euro deal with Egypt in June, the biggest in its history.
$1 = 0.9200 euros Reporting by Georgina Prodhan; Editing by Christoph Steitz