SERVICES

Senvon and Siemens Gamesa sign exclusivity deal

Hamburg - German wind turbine manufacturer Senvion has announced that it has entered into and exclusivity agreement with Siemens Gamesa

Hamburg - German wind turbine manufacturer Senvion has announced that it has entered into and exclusivity agreement with Siemens Gamesa, the Spanish based engineering company controlled by Siemens, to pursue negotiations for the sale of selected Services and Onshore assets in Europe.

The agreement was approved unanimously by Senvion’s creditors’ committee. The approval of the insolvency plans by the creditors’ assembly on 11 September enabled this transaction.

The parties are now entering final negotiations and, if final agreements are reached, expect that the necessary decisions will be taken by the end of September. The financial arrangements to secure ongoing business activities over the timeline to conclude on the offer continue to be in place.

“We are close to finding a safe harbour for a significant part of the business and substantial parts of its employee base. In these difficult circumstances, these are positive news,” said Yves Rannou, CEO of Senvion.

Wind turbine continuation projects are underway and will secure a majority of production jobs for the next months, with some going into 2020. For the remaining business areas, the company continues to explore further options and negotiations with investors.

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