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Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing Rights
MADRID, Nov 14 (Reuters) – The Spanish government said on Tuesday it is working with banks to provide financial support to Siemens Gamesa, with the ultimate aim of protecting the workers the company employs in the country.
The move comes after Germany said earlier on Tuesday it had decided to back Siemens Energy (ENR1n.DE), which owns Siemens Gamesa, with guarantees worth 7.5 billion euros ($8.1 billion) as part of a deal with other stakeholders to help the troubled energy company fulfil its order book. read more
The guarantees are part of a package totalling 15 billion euros agreed with private banks and other stakeholders.
“The future of Siemens Gamesa in Spain is a priority for the government,” the Industry Ministry said in a statement.
“Therefore, it is working on a possible line of bank guarantees for new Siemens Gamesa contracts abroad … and is in talks with both the company and potentially interested banks,” the ministry added, without mentioning how much the financial aid would amount to.
Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide and has warned troubles with its onshore wind turbines could take years to resolve.
In Spain, the industry minister considers the government has several avenues of funding and support for the wind industry in the short term.
Reporting by Corina Pons; Editing by Stephen Coates
Our Standards: The Thomson Reuters Trust Principles.
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