Germany To Bail Out Siemens’ Struggling Wind Turbine Division

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Germany To Bail Out Siemens’ Struggling Wind Turbine Division

Read more here:
https://oilprice.com/Alternative-Energy ... ision.html

Reuters reports the German government, Siemens AG, and other parties will provide billions of euros in project-related guarantees to support Siemens AG's struggling wind turbine division. This financial assistance comes just weeks after the company warned about mounting losses amid a meltdown across wind and solar industries.

Three people familiar with the talks said that Siemens Energy's top shareholder, Siemens AG, with a 25.1% stake, is prepared to provide some guarantees. Details are still scant, and nothing has been decided, as an agreement needs to be formally drawn up and supported by all stakeholders.

Last month, Reuters said Siemens Energy was discussing state guarantees with the German government.

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