Germany in talks with Siemens Energy on state guarantees

Siemens Energy is in discussions with the German government regarding state guarantees, following significant losses in its wind division. Quality issues in the wind unit Siemens Gamesa have resulted in major setbacks for the company. Siemens Energy fears it will struggle to secure guarantees from banks, leading it to approach the government and Siemens for a guarantee framework. The German state is expected to assume liability for 80% of an initial 10 billion euro funding tranche, while banks would be liable for the remaining 20%. Siemens Energy's financial results in 2023 are expected to align with previous guidance.

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