Embattled German wind turbine manufacturer Enercon has secured long-term financing with its banks and its owner, the Aloys Wobben Stiftung, until the end of 2023, and will outsource its power generation and marketing business.

The agreement comes after the OEM in December told Recharge that its widening losses (the company had expected a deficit of more than €500m in 2019) had forced it into restructuring talks with financiers.