Siemens, Gamesa to form wind power giant

Friday, 17. June 2016 11:50

Siemens AG and Gamesa Corporación Tecnológica said on Friday they agreed to join their wind business assets in order to create a global leader in wind power. The joint venture is supposed to operate in North America and Europe as well as in India, Mexico and Brasil.

The German company is speculated to have poured $1 billion in the Spanish wind turbine manufacturer as a part of the deal. The two companies have been trying to reach an agreement since February but the delay occurred due to Gamesa’s process of renegotiation about its offshore wind joint venture named Adwen with French company Areva.

“Gamesa has given the necessary corporate approval for the integration of Siemens’ wind business and the company,” the Spanish group said in a statement sent to Spain’s stock market regulator and added final terms have not yet been agreed.

 

Image: EPA / Kay Nietfeld

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