May 9, 2016 / 9:17 PM / in 2 years

Bolivia hires Siemens for expansion of thermoelectric plants

LA PAZ, May 9 (Reuters) - Bolivia has hired German industrial group Siemens to carry out a $1.17 billion investment to expand the power generation capacity of three thermoelectric plants in the Andean nation, President Evo Morales said on Monday.

“This week we’re expanding three thermoelectric plants with an investment of $1.168 billion and we’re going to generate 1,440 megawatts”, Morales said after inking an agreement with Siemens.

The deal was already in the works after Siemens signed a memorandum of understanding with Bolivia in November, to supply gas turbine combined cycle equipment to expand the three thermal power plants owned by state utility Ende Andina under the government’s 2025 Patriotic Agenda.

The investment will be financed by Bolivia.

Morales said that excess energy produced by the plants that is not consumed domestically can be exported to neighboring Argentina and Brazil. (Reporting by Daniel Ramos; Writing by Anthony Esposito; Editing by Sandra Maler)

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