The project has a total value of roughly EUR 1.5 billion and will employ up to about 1,000 people in the Wustermark region of Brandenburg as well as in the Hungarian city of Szeged during the three-year construction period. Once in operation, each location will provide jobs for about 50 highly qualified personnel on a long-term basis, Siemens said in a statement.

As part of the project to develop the two power plants, Siemens has - via its equity company Siemens Project Ventures GmbH - acquired 50% stakes in each of the two project companies of Swiss project developer Advanced Power AG that are responsible for building the facilities.

Construction of both plants will begin in 2012 and is scheduled for completion by 2015.

The facilities will meet the highest environmental standards for emissions and water consumption. The Wustermark plant will have a capacity of 1,200 megawatts and the Szeged facility a capacity of 880 megawatts.

Siemens AG is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company is the world’s largest provider of environmental technologies, generating EUR 23 billion - nearly one-third of its total revenue - from green products and solutions. In fiscal 2009, which ended on 30 September 2009, revenue totalled EUR 76.7 billion and net income EUR 2.5 bn. At the end of September 2009, Siemens had around 405,000 employees worldwide."

Source: Portfolio Online Financial Journal