Siemens Energy in Talks With Germany for State Guarantees of Up to $15.9 Billion
27 October 2023 - 6:10AM
Dow Jones News
By Adria Calatayud
Siemens Energy is seeking state guarantees of up to 15 billion
euros ($15.85 billion) as part of talks with the German government,
according to people familiar with the matter.
The German company, which has been grappling with problems at
its wind-turbine business Siemens Gamesa, needs the guarantees so
that all its businesses can sign new large contracts, according to
the people.
The news was first reported by German business magazine
WirtschaftsWoche.
Siemens Energy--which was spun out from Siemens in 2020--earlier
on Thursday said it was in preliminary talks with different
stakeholders, including banking partners and the German government,
to strengthen its balance sheet. Strong growth in new orders has
resulted in a rising need of guarantees for long-term projects, the
company said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
October 26, 2023 14:55 ET (18:55 GMT)
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