The Basque Government, for its part, has expressed its satisfaction with the series of guarantees granted to the company, assuring that “anything that has to do with supporting the industry and employment in Euskadi is good news.”
The Spanish state, through the Spanish Export Credit Agency (Cesce)and a group of banks led by BBVA and BNP Paribas have granted Siemens Gamesa a series of ‘green’ guarantees worth 1.2 billion euros, allowing the wind subsidiary of Siemens Energy to support its projects with technical guarantees.
In response to questions from journalists during the press conference after the meeting of the Government Council, the spokesman for the Basque government, Maria Ubarretxenahas expressed its satisfaction with the series of guarantees granted to Siemens Gamesa and has assured that “anything related to supporting industry and employment in the Basque Country is good news.”
On Monday, the last document of this line of guarantees was formalized at a notary in which, in addition to Cesce, BBVA and BNP Paribas – as structuring banks – also participate. Caixabank, Crédit Agricole, KutxaBank and Santanderas members of the banking union.
In this way, Spain seals its participation in the support it announced last November to the German company Siemens Energy, after it was particularly affected by the many problems in its wind turbine production division.
In concrete terms, the line has a Cesce guarantee of 50% of the guarantees issued, up to a maximum limit of 600 million of euros, which means that the risk is shared with the banks that provide guarantees.
This line of guarantees is complementary to the guarantee lines agreed by the German government with Siemens Energy, parent company of Siemens Gamesa, for a total amount of 11 billion from euro.
For Siemens Energy, this additional coverage by the Spanish state is important, as it allows it to carry out the implementation book of high order of its wind activities, which amounts to 40 billion from euro.
In fiscal year 2023, the German Siemens Energy recorded a few to lose net of 4588 million of euros, affected by the problems in its wind activities and by Ssomeones Gamesawhose ‘red numbers’ amounted to 4347 million from euro.
In addition, Siemens Energy announced last February that it would replace the CEO of Siemens Gamesa, Jochen Eickholtdismissed from office as of August 1 by Vinod Filip, and would relate to restructuring measures, which would entail new template settingswith the aim of developing a long-term plan for the profitable growth of its wind activities.
Philip thus becomes the company’s fourth CEO Markus Tacke, Andreas Nauen and Eickholt himself – since the integration between Gamesa and Siemens’ wind division in 2017.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
