Swiss utility Repower plans to build a combined-cycle €340m ($438m) power plant at a chemical production site in Leverkusen, Germany.

The 430MW natural gas-fuelled facility is scheduled to start in 2014 and will be run by Currenta GmbH & Co. OHG, a joint venture between Bayer AG and Lanxess AG, Repower said in a statement.

The plant will supply steam for other chemical factories in the area and the combined heat and power production mean that it will have fuel efficiency of more than 80%, Repower said.

According to Repower, it will contribute to Germany’s goal of raising the share of such power output to 25% by 2020.