Wisconsin International Electric Power and Siemens Sign Agreement to Construct 150-MW Power Plant at Subic Bay.NEW YORK--(BUSINESS WIRE)--Feb. 3, 1997-- Philippine free-trade zone free-trade zone Area within which goods may be landed, handled, and re-exported freely. The purpose is to remove obstacles to trade and to permit quick turnaround of ships and planes. Chairman Richard Gordon attends signing Wisconsin International Electric Power (WIEP WIEP Women in Engineering Programs ) and Siemens Power Generation (KWU KWU Kansas Wesleyan University KWU Kennedy-Western University KWU Kraftwerk Union AG KWU KwangWoon University (Seoul, South Korea) ) today signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to construct a $75 million, 150-MW gas turbine power plant in the recently established Subic Bay Subic Bay Inlet of the South China Sea, southwestern Luzon, Philippines. From 1901 it was the site of the U.S.-operated Subic Bay Naval Station, the largest naval installation in the Philippines. free trade zone, Philippines. WIEP will develop the project and Siemens/KWU will be the turnkey constructor of the power plant. Witnessing the signing was Subic Bay Metropolitan Authority's (SBMA SBMA Subic Bay Metropolitan Authority SBMA Spinal and Bulbar Muscular Atrophy SBMA Santa Barbara Museum of Art (California) SBMA Spinobulbar Muscular Atrophy SBMA Southern Building Material Association SBMA Steel Bar Mills Association ) chairman Richard Gordon. SBMA will take the plant's electricity production from WIEP. The plant will supply power to new and growing businesses located on the vast grounds of the former U.S. Navy's Subic Bay port facility. In the past four years, some 200 companies from 15 countries have invested more than $8 billion to resurrect, revitalize and use the facilities that once supported U.S. Seventh Fleet operations in the Pacific. The plant's power, which will be generated by a highly efficient 150-MW Siemens V84.3A gas turbine in a simple-cycle arrangement, will be sold to SBMA under a "take and pay" contract. The plant is anticipated to be the first merchant plant in the Philippines which will be operated without a firm power purchase agreement. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the partners, the plant will likely be expanded to a combined-cycle arrangement at a later date. SBMA was founded in 1992 by the Philippine government which selected Richard Gordon, the mayor of the nearby city of Olongapo, as its first chairman. Under Gordon's leadership, the newly created organization managed the transition of the base from U.S. control to a free-market, commercial development zone, attracted the international investment necessary to redevelop the base, created more than 50,000 jobs, and promoted commercial enterprise in this region of the Pacific. Founded in 1982, Wisconsin International Electric Power, Ltd. provides electric power generation equipment and turnkey power plant development services to a variety of clients worldwide. WIEP, with offices in Milwaukee, Manila and the Cayman Islands offers customers complete power generation systems engineering and installation services including switchgear The term switchgear, used in association with the electric power system, or grid, refers to the combination of electrical disconnects, fuses and/or circuit breakers used to isolate electrical equipment. , transformers, substations, fuels systems, pollution controls and all auxiliary facilities. As part of Siemens AG, Siemens Power Generation Group (KWU) sells, engineers, manufactures and services power plants and power plant equipment worldwide. Headquartered in Erlangen, Germany, Siemens (KWU) employs about 19,500 people around the world and supports manufacturing facilities in Germany, the United States, Brazil and Indonesia. CONTACT: Siemens Steven E. Kuehn, 847/310-0066 steve.kuehn@sc.siemens.com or Tom Varney, 212/258-4335 tom.varney@sc.siemens.com |
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