Siemens Energy initiates review of wind unit structure following $5 billion loss

Siemens Energy is undertaking a structural review of Siemens Gamesa, aiming to revive the struggling wind division following a 4.6 billion euro ($5.0 billion) annual net loss for the group.

Earlier this week, Siemens Energy secured a 12 billion euro credit line from private banks, partly backed by the German government, alleviating concerns among investors. 

The group, separated from Siemens AG in 2020, reported no additional provisions for onshore turbine platform issues after a comprehensive fleet analysis. 

In August, 1.6 billion euros were allocated to address these concerns. Siemens Energy's CEO, Christian Bruch, expressed optimism about the confirmed data from installed onshore turbines, emphasising the company's robust balance sheet and its crucial role in driving growth during the ongoing energy transition.

(With Reuters Inputs)