Deal Is Set With E.OnTo Build Wind Turbines

September 10, 2008;

Industrial conglomerate Siemens AG said it struck a deal with German utility E.On AG to build 500 wind turbines for projects in Europe and the U.S. The deal is valued at more than €1 billion ($1.4 billion), said Siemens Energy's renewable energy division chief executive, René Umlauft. Siemens will provide the wind turbines with a total capacity of 1,150 megawatts. The turbines will be delivered and installed in 2010 and 2011. In July, Siemens cited increased demand for wind turbines as a contributor to its 10% rise in first-half revenue from the year before.