HomeGas & Oil FiredGE and Siemens pledge to invest billions in Argentinean power plants

GE and Siemens pledge to invest billions in Argentinean power plants

The world’s top two power technology companies are planning to invest significant capital in the development of power plants in Argentina as a result of the country’s new government’s openness to foreign capital.

General Electric will invest $10bn over the next decade, Vice Chairman John Rice said on Monday, the latest foreign company to announce new plans since President Mauricio Macri took office.
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Rice, speaking at a business forum said, “When we saw the Argentinian people elect President Macri, and we looked at the leadership team that he assembled, we saw a real tipping point.”

GE has already invested $1.2bn alongside local partners and customers in the past four months, the company said in a statement, including $900m to build thermal power plants.

GE said its investment will help build seven power plants that will add around 1 gigawatt to the country’s electric system. The figure includes the $350m GE has already decided to invest alongside state-controlled oil company YPF to build plants in the Neuquen and Tucuman provinces.

Meanwhile Siemens said it would help create investments and provide financing for $5.6bn in infrastructure projects, including gas-fired power plants.