German industrial conglomerate Siemens AG (SI) will announce a joint venture Thursday with two Russian partners for producing wind turbines in Russia , a spokesman said Wednesday.

The spokesman confirmed a report by Financial Times Wednesday that Siemens Chief Executive Peter Loescher plans to announce the new project during German Chancellor Angela Merkel's visit to Russia .

Siemens wants a piece of the large investment Russia is making in wind power. By 2020, Russia aims to have more than EUR5 billion worth of wind power assets, with a capacity of 5,000 megawatts.

Russian Technologies Corp. and RusHydro (HYDR.RS) are Siemens' partners in the wind power joint venture to be announced Thursday.

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