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Russian energy holding company InterRAO plans to invest $580 million in a gas turbine joint venture with GE, according to a report from Reuters. Russia has been modernizing a quarter of its thermal power grid and currently does not produce medium or large capacity gas-fired power turbines domestically.
The joint venture has set a target to manufacture gas turbines with 79 to 87 MW and 181 to 210 MW capacity by 2025-2026. It also aims to produce at least 90% of these locally.
InterRAO strategy head Alexey Maslov told Reuters that the investment in the joint venture is laying the groundwork to eventually launch production lines in the country. Inter RAO will hold a 51% stake in the joint venture project. Maslov told Reuters that he expects demand for such turbines to increase after 2030. InterRAO hopes to sell 20-25 of these turbines.
Maslov said in March that the company intended to reach a deal with GE by this time, either as a joint venture or by buying a license from GE.
Siemens and Ansaldo are also developing joint projects with other Russian firms to produce gas turbines in the country with high power capacity, according to the report.