Middle East Utilities
Summary
Siemens will build a highly efficient combined cycle power plant as a turnkey project at the Marl Chemical Park in North Rhine-Westphalia, Germany. The order was placed by the specialty chemical group Evonik Industries.
The new industrial power plant will consist of two units, each with an electrical capacity of 90 megawatts, and produce both electricity and process steam for the chemical park. The site’s integrated steam network will also supply district heat for about 2,000 homes in the future. The plant’s fuel efficiency will thus exceed 90 percent.
With this combined cycle power plant, Evonik will replace its last coal-fired plant at the Marl Chemical Park. Because the plant will produce environmentally friendly electricity, process steam, and district heat from natural gas, the company will be able to cut CO2 emissions by one million metric tons per year.
The plant thus makes an important contribution to decarbonization. Construction is scheduled to begin later in 2019, and the power plant is expected to go into operation in 2022. Siemens Financial Services (SFS), Siemens’ financing arm, developed a leasing financing solution specifically for Evonik in collaboration with Siemens Gas and Power. Together with the KfW IPEX Bank and LBBW, SFS will handle refinancing of the leasing agreement. The project volume is in the lower triple-digit million euro range.
“In building this power plant, whose technical and commercial concept was worked out jointly between Siemens and Evonik, we’re helping Evonik significantly cut its CO2 emissions,” said Michael Becker, CFO of Siemens Gas and Power. “In addition, the state-of-the-art plant will ensure a reliable supply of electricity and process steam for the chemical park. The ability to use various gases as fuel is another benefit and further increases the plant’s economic feasibility.”
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