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Siemens Sees ‘Tremendous’ Market in Russia for Wind Power

July 20 (Bloomberg) -- Siemens AG, Germany’s biggest engineering company, increased its forecast for sales of wind turbines in Russia, which is seeking to boost the percentage of its energy derived from renewable resources ninefold.

Russia has practically no wind power now, so the sales potential is “tremendous,” Siemens country chief Dietrich Moeller told reporters in Moscow today.

Siemens agreed to form a wind venture with Russian hydropower utility OAO RusHydro and state holding company Russian Technologies Corp. during German Chancellor Angela Merkel’s summit in Russia with Dmitry Medvedev last week. Siemens will own 60 percent of the venture, Moeller said.

Moeller said Siemens aims to sell and install 500 megawatts of wind capacity a year, a more ambitious target than the goal of installing a total of 1,250 megawatts by 2015, which the company announced last week.

Russia is committed to increasing the share of total energy production that comes from renewable sources to 4.5 percent by 2020. That share now is about half a percent, according to the Energy Ministry.

To contact the reporter on this story: Anton Doroshev in Moscow at adoroshev@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net

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