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Siemens Energy (OTCPK:SMEGF) said on Thursday it agreed to a framework agreement valued at €1.4 billion (~$1.52 billion) with Danish state-owned company Energinet to renew the country's energy infrastructure.
The German energy company said it will deliver transformers and switchgear for high-voltage substations to expand Denmark's electricity grid.
The agreement will focus on the western part of Denmark, where ~50 new or upgraded 150 kV high voltage substations are planned to be built or expanded over the next eight years.
The company estimates that the first four years of the agreement will be worth up to €800 million.
“There is no energy transition without transmission, and that can only happen with the availability of switchgear and transformers,” said Siemens Energy (OTCPK:SMEGF). “We are excited that they are confident in the acceleration of the network in Denmark.”
