Siemens Energy seeks state help as wind unit crisis deepens

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Siemens Energy said Thursday it was in talks with the German government about receiving financial help as it battles problems in its wind power unit, sending the firm's shares crashing.

Technical problems with some wind turbines is one reason lenders are reluctant to take on additional risk with Siemens Energy. Photo: Rodger BOSCH / AFP/FileSiemens Energy has faced long-running issues at its Gamesa unit, which led the group to report a record third-quarter loss earlier this year due to costs related to fixing technical problems with onshore wind turbines.

ministry about receiving help to the tune of several billion euros in guarantees. The ministry did not immediately respond to requests for comment.Have you recorded a funny video or filmed the moment of fame, cool dance, or something bizarre? Inbox your personal video on our In August, Siemens Energy reported a net loss of 2.9 billion euros in its fiscal third quarter, weighed down by a 1.6-billion euro hit to repair issues with wind turbines.

 

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