Greentech on the brink: The wind energy specialist Siemens Energy is still in crisis.
In the crisis facing the green tech and energy group Siemens Energy, the federal government is pushing its major shareholder Siemens to provide billions in support, according to sources.
The federal government was prepared to grant loan guarantees worth 8 billion euros, the Bloomberg news agency reported on Monday shortly before the market closed, citing people familiar with the matter.
Siemens Energy is currently seeking guarantees totaling 16 billion euros, it said.
Former parent company Siemens is said to be on the hook with banks
According to the government, the former parent company Siemens and the banks should be responsible for the rest of this sum.
Meanwhile, according to people in the know, Siemens Energy wants to sell part of its shares in a listed Indian subsidiary to its former parent company. Overall, the 24 percent stake in the Indian Siemens Ltd. currently worth 3.3 billion euros.
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When asked by Bloomberg, the Federal Ministry of Economics confirmed close discussions, but did not provide any further details. Siemens Energy declined to comment and no one was immediately available at Siemens.
The Siemens Energy share reacted positively to the news shortly before the market closed: after last week’s price collapse, it closed trading on Monday with a price increase of 12.7 percent.
Greentech Boom: Siemens Energy wants to ensure guarantees that enable expected strong growth”
Last Thursday, Siemens Energy confirmed discussions with partner banks and the federal government, among others.
The aim is to “ensure access to a growing volume of guarantees that enable the expected strong growth”. The share then went out of trading with a price loss of more than 35 percent.