Siemens enters strategic agreement with Chinese power companies


Chinese President Xi Jinping (background L) and German Chancellor Angela Merkel (background R) look on as Siemens AG CEO Joe Kaeser (R) shakes hands with Huang Dinan(L), Vice-Chairman of Shanghai Electric Group Co., Ltd. and Cao Peixi (M), Chairman of Huaneng Power International Inc. during the signing of a Memorandum of Understanding in Berlin on March 28, 2014.

In the presence of the Chinese President Xi Jin Ping and German Chancellor Angela Merkel, Siemens AG (NYSE: SI), Huaneng Power International, Inc., and Shanghai Electric Group today signed a Memorandum of Understanding in Berlin. Under the agreement, the three parties will strengthen their long-term cooperation in most advanced gas turbine and steam power plant technology, modernization and upgrade of steam turbine units and wind power. "We can look back on a long and successful partnership with China.

"The strategic agreement with Huaneng Power International is a next step, which further underlines our relationship," said Joe Kaeser, President and CEO of Siemens AG. "Together with our strategic partner Shanghai Electric, we are looking forward to elevating our cooperation with Huaneng to a whole new level." Through the joint efforts, Huaneng aims to further improve efficiency of power generation units, drive energy saving, support clean energy development and achieve sustainability.

Huaneng Power International, Inc. is principally engaged in the investment, construction, operation and management of power plants throughout China. As one of Chinese largest power producers, the company owns power plants located in 19 provinces, municipalities and autonomous regions in China. The Company also has a wholly-owned power company in Singapore. First business ties between Huaneng and Siemens date back to the early 1990s with installation of Siemens' power generation units at Fuzhou Power Plant and Hanfeng Power Plant.

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