Germany’s Siemens says it has signed contracts worth some €700-million ($824-million) to build two gas-powered electricity plants in Libya, AP reports.
The plants are to be constructed in Misrata and Libya’s capital Tripoli, according to the Munich-based industrial conglomerate.
The value of the contracts with Libya’s state-owned General Electricity Company of Libya includes long-term service agreements.
No date of when the plants will begin operating has been given but the power plants are expected to increase Libya’s power generation capacity by approximately 1.3 GW.
Siemens recently announced moves to slash its international workforce by 6 900 due to a sharp decline in earnings and increasing competition from renewable energy sources.