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Siemens recently signed a long-term memorandum of understanding (MoU) valued over a €1bn ($1.1bn) with the Hydrocarbon and Energy Ministry of Bolivia for cooperation in the energy sector. Under the terms of the MoU, the two parties will focus on future collaboration in products and services for the oil and gas industry.
Siemens will be responsible for the supply of gas turbine combined cycle equipment for the expansion of three existing thermal power plants, which have a combined capacity of 460MW.
Siemens has also agreed with Bolivia to collaborate on renewable energy including training and technology transfer in wind and solar energy, as well as transmission and distribution sectors to support the country's plan to increase electricity.
The expansion of the state-owned utility Ende Andina-owned power plants including Entre Rios, Termoelectrica del Sur and Termoelectrica de Warnes, is a part of the government's 2025 Patriotic Agenda.
Siemens Division Power and Gas CEO Willi Meixner said this agreement would further strengthen the energy partnership between Bolivia and Siemens.
"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."