Siemens Energy in Talks With Germany for State Guarantees of Up to $15.9 Billion
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)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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