Siemens Gamesa may acquire part of the assets of Senvion in Germany

Wind turbine giant Siemens Gamesa has entered into nonbinding talks
with troubled wind energy OEM Senvion about a possible acquisition of parts of its business and assets in Europe.

"If the negotiations are successful and a final agreement is reached, a binding decision will be made in the coming weeks," said
Markus Tacke, CEO of Siemens Gamesa.

Senvion added in a note that it expects to make a decision
by the end of the month.

Yves Rannou, CEO of Senvion, said, "The announcement means we are close to finding a safe haven
for most of our business and most of our employees.
In these difficult circumstances, this is good news
.
Looking ahead to the coming weeks, the management team will continue to go all out to find the best solutions
for other businesses.
”

Senvion has an onshore and offshore wind turbine manufacturing plant with a capacity of more than 1GW in Bremerhaven, as well as a Portuguese wind turbine manufacturing plant and blade factory
.

Since Siemens Gamesa's onshore wind turbine portfolio covers up to 5.
8MW of capacity wind turbine manufacturing capacity, it may not require Senvion's onshore technology
.
Perhaps the most attractive is Senvion's service contract
in Europe.

Senvion also has an engine room factory in India with a production capacity of up to 1GW and an extensive global service contract
.

Senvion said the partial sale agreement was unanimously approved
by the creditor committee.

Late last month, Senvion said it had received several "priority offers for important core parts of its business.
"
However, the company has made it clear that it has not received offers
from the entire turbine business unit.

In early August, the manufacturer announced that it would turn its Indian subsidiary into a "separate operating business unit," which could be the first step
in selling its India operations.

In April, Senvion filed for bankruptcy after unsuccessful negotiations with lenders
.