German govt grants Siemens Energy $8 bn loan guarantee to help secure firm
The German government said Tuesday it is granting a 7.5 billion-euro ($8 billion) loan guarantee to energy technology company Siemens Energy as part of a 15 billion-euro package to help the firm, an important player in the transition to renewable energy sources.
Siemens Energy sought help from the government as it struggles with problems at its Gamesa wind energy subsidiary, including quality issues with previously installed wind turbines.
he company said on October 26 that the strong growth in order intake, particularly in the former gas and power business areas, leads to a rising need of guarantees for long-term projects.
