Siemens Energy – the parent of loss-making wind turbine manufacturer Siemens Gamesa – will be granted a total of €15bn ($16.25bn) in guarantees from the German government, banks and former parent Siemens AG.
Siemens Energy as one of the world's leading energy technology companies is crucial to the entire value chain from generation to transport and storage, Germany’s economics and climate ministry said in order to justify what amounts to indirect state aid, also pointing to the company's 26,000 employees and the recent inauguration of a gigafactory for electrolysers to produce green hydrogen.
