Siemens to deepen ties with Argentina

BUENOS AIRES, September 15, 2016 – German conglomerate Siemens said on Thursday that it would invest in and provide financing for power generation and energy management projects in Argentina, as well as build the accompanying infrastructure.

Speaking at the Argentina Business & Investment Forum, Siemens CEO Joe Kaeser said the company had agreed to bolstering its relations with Buenos Aires and that it would bring close to 5 GW to the country’s power grid over the next four years.

“We are ready to go today because we also brought EUR 3.1 billion committed financing so we not only can build the power stations and mobility management, we can also finance it,” Kaeser said, adding that 4 GW would be generated by gas-fired power plants, with another 600 MW coming from renewables.

Siemens expects that its work in Argentina through 2020 will generate around 3,000 new jobs and between 4,000 and 6,000 indirect jobs. Investment over the mentioned period could amount to EUR 5 billion.

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