COPENHAGEN (dpa-AFX) - Siemens Energy AG (SMEGF.PK SMNEY.PK), a German energy firm, and Danish state-owned Energinet announced on Thursday that they have inked a 1.4 billion euros or DKK 10.5 billion framework deal to renew Denmark's energy infrastructure.
As per the agreement, Siemens Energy will deliver transformers and switchgears for high-voltage substations to expand the electricity grid in the country.
The agreement focuses on the Western part of Denmark, where around 50 new or reinforced 150 kV high-voltage substations are planned to be built or expanded over the next 8 years. The new substations will be automated and include grid technologies from Siemens Energy.
The first four years of the agreement is estimated to be worth up to 800 million euros to boost the energy transition.
With Denmark aiming to reach a target of net zero emissions by 2045 through renewable energy, the race is on to decarbonize the Danish grid.
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