German-Spanish renewable energy company Siemens Gamesa announced on Monday that it has reached an agreement to acquire selected assets of German wind energy pioneer Senvion for 200 million euros (223.3 million U.S. dollars).
According to Siemens Gamesa, the assets included in the transaction were a large part of the European onshore service business of Senvion, all the intellectual property of Senvion as well as the onshore blade manufacturing facility in Vagos, Portugal.
Siemens Gamesa said the onshore blade manufacturing plant in Portugal is one of Europe's "most competitive manufacturing facilities" and would help to reduce dependency on supplier sourcing and strengthen Siemens Gamesa's industrial value chain.
The acquisition of 8.9GW of serviced renewables from Senvion would take Siemens Gamesa to a total of nearly 69GW under maintenance, according to the Siemens Gamesa.
As part of the acquisition, approximately 2,000 Senvion employees were expected to join Siemens Gamesa. In Germany almost 900 of the remaining 1,400 jobs would be lost.
Senvion filed for bankruptcy in April after failed discussions with the company's lenders.
Subject to obtaining the necessary regulatory approvals and achieving other closing conditions, Siemens Gamesa expected to close the respective acquisition of assets in the first half of the fiscal year 2020.
Editor:Iris
