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Siemens and Bolivia sign energy cooperation

06.11.2015

Volume of Memorandum of Understanding (MoU) over one billion euros

Siemens has signed a far-reaching agreement with the Hidrocarbon and Energy Ministry of Bolivia on energy cooperation and future collaboration in the field of products and services for the oil & gas industry. Furthermore, this includes a focus on renewable energy as well as transmission and distribution.

The MoU was signed in the presence of the President of Bolivia, Evo Morales, during his visit to Germany. Under the terms of the exclusive agreement, Siemens intends to supply gas turbine combined cycle equipment for a substantial expansion of three existing thermal power plants of the state-owned utility ENDE ANDINA in Bolivia per the government's 2025 Patriotic Agenda. The agreement is covering a long-term volume worth over EUR1 billion.

ENDE owns and operates three thermal electrical power plants with a total capacity of about 460 megawatts (MW): Entre Rios, Termoelectrica del Sur and Termoelectrica de Warnes, all equipped with Siemens gas turbines. According to the agreement, each of these power plants will be substantially expanded.

"With this major agreement we further strengthen the energy partnership between Bolivia and Siemens," said Willi Meixner, CEO of Siemens' Division Power and Gas.

"Our products and solutions will help our partner ENDE to significantly increase the efficiency in electricity production and support the future plans of energy export. By cooperating in the fields of renewable energy as well as transmission and distribution, we are supporting the country's ongoing efforts to improve access to electricity of its population," Meixner added.

Over the course of the last few years, Bolivia's GDP growth was one of the biggest in South America. The country has the second-largest reserves of natural gas in the region. Furthermore it is situated in the center of the continent, offering promising opportunities for power exports to its neighboring countries such as Argentina, Brazil, Peru, Paraguay or Chile.

For further information on Division Power and Gas, please see:
www.siemens.com/about/power-gas

For further information on ENDE:
www.endeandina.bo


Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is No. 1 in offshore wind turbine construction, a leading supplier of gas and steam turbines for power generation, a major provider of power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2014, which ended on September 30, 2014, Siemens generated revenue from continuing operations of €71.9 billion and net income of €5.5 billion. At the end of September 2014, the company had around 343,000 employees worldwide on a continuing basis.

Further information is available on the Internet at www.siemens.com


This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens' management, of which many are beyond Siemens' control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Risks in the Annual Report. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.


Reference Number: PR2015110066PGEN


Contact
Mr. Alfons Benzinger
Siemens AG

Freyeslebenstr. 1

91058 Erlangen

Trade Press

Tel: +49 (9131) 18-7034

alfons.benzinger​@siemens.com

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