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EU: Siemens, Gamesa to form world’s largest wind farm business

By  |  June 19, 2016

Siemens and Spain’s Gamesa agreed on Friday to create the world’s biggest builder of windfarms, with the German company paying 1 billion euros for a majority stake in the combined business.

The group would bring together Siemens’ strength in offshore wind power and Gamesa’s leading role in developing markets.

Months in the making, the venture would overtake Denmark’s Vestas to become the world’s largest wind farm manufacturer by market share, operating in the mature North American and European markets and fast-growing markets such as India, Mexico and Brazil.

Engineering company Siemens, which has struggled to make its wind turbine business profitable, will take a 59 percent stake in the company but not have a majority on the board, Gamesa said in a statement to Spain’s market regulator.

Full Content: Economic Times

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