Siemens is participating in the development of two combined-cycle power plants, one in the German state of Brandenburg and the other in Szeged, Hungary.

The three-year project is valued at €1.2bn.

The Wustermark plant will have a capacity of 1,200MW, while the Szeged facility will generate 880MW of power.

For the project, Siemens has acquired a 50% stake in each of the two project firms responsible for building the facilities.

Construction of both plants will begin in 2012 and is scheduled for completion by 2015.