Siemens Wind Power and Gamesa Merger Cleared

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By MarEx 2017-03-13 18:18:58

The merger of Siemens' Wind Power business and Gamesa has received unconditional clearance from European competition authorities.

The deal is now expected to be finalized early in April.

The merger was approved by Gamesa's shareholders in October by a majority of 99.75 percent. In December, Spain's securities market regulator confirmed the merger.

The transaction will create a global wind leader with an installed base of 75 GW, an order book of €20.9 billion ($22.3 billion) and revenue of €11 billion ($11.7 billion). The merged entity will remain listed on the Spanish stock exchange.

Siemens has more than 25 years of experience with offshore projects starting with Vindeby offshore project in Denmark, commissioned in 1991. Siemens Wind Power now operates in more than 40 countries and boasts a strong presence in the U.S. and Europe. Gamesa operates in 55 countries, including a presence in emerging markets, such as India and Latin America.

In February, Siemens announced that it will, for the first time, provide complete offshore wind power plant solutions including foundations for the EnBW Hohe See offshore wind project. Hohe See owner EnBW has now made a final investment decision for its 497 megawatts offshore wind power plant. Starting in early 2018 the wind park will be installed at a site 90 kilometers (56 miles) north of the German island Borkum in the North Sea at water depths of up to 40 meters (130 feet).

The 71 wind turbines of the type SWT-7.0-154 rated at 7 megawatts each will be manufactured at Siemens’ new nacelle plant in Cuxhaven, Germany, beginning in mid-2018 and will be shipped to the project harbor in early 2019. The blades will be shipped from factories in Hull, U.K., and Aalborg, Denmark. Commissioning is planned for the third quarter of 2019.