Siemens Energy sells stake in Russia gas turbine JV

Siemens Energy has sold a 65% stake in a Russia-based gas turbine joint venture to local state company InterRAO, in line with its strategy to exit the country, Reuters reported.

The companies released no financial details on the transaction.

Siemens Energy in August said it might sell or wind down its Russian business and that it was in touch with public authorities to work through the details.

As well as the 65% stake in SGTT, InterRAO has taken control of 100% of the Voronezh transformer plant.The Russian company said it will use the plant to ensure more gas turbine components are produced in Russia, Reuters reported.