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Siemens is acquiring a stake of approximately 25% percent in BGZ Beteiligungsgesellschaft Zukunftsenergien AG (BGZ AG). The investment will enable the company to ensure its further access to projects in the field of sustainable power generationand thereby expand its portfolio of products, systems and services. Siemens will invest in BGZ via its equity company, Siemens Project Ventures GmbH (SPV).

Headquartered in Husum, Germany, BGZ AG develops, finances and operates regenerative power generation facilities like wind, solar and biomass power plants. With about 140 employees, as well as subsidiaries and joint ventures in Europe and the U.S., the company generated revenue of about 50 million euros in 2008.

"The know-how that BGZ has gained through long years of experience in developing wind power projects will make a vital contribution to the ongoing expansion of our renewables business," says Hans-Joachim Schulz, head of SPV.

Regulatory approval of the transaction is still pending. Both companies have agreed not disclose the purchase price.

SOURCE: Windkraft Nord USA Inc.


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