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May 11, 2020updated 05 Nov 2021 8:42am

Siemens unveils plan to merger wind operations with Flender

Siemens has unveiled plans to merge its wind energy generation business with mechanical drive unit Flender, which delivers components used in wind turbines.

Siemens has unveiled plans to merge its wind energy generation business with mechanical drive unit Flender, which delivers components used in wind turbines.

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The decision is a part of a plan to reorganise and revamp its units within its Portfolio Companies (POC).

According to the plan, the German conglomerate intends to combine the wind business with Flender and subsequently spin-off and publicly list the merged unit.

The combined firm is expected to have an annual revenue of around €2bn with a larger footprint across the globe.

In the statement, Siemens said: “This transaction will complete the company’s electrical and mechanical portfolio, making it an important tier-1 supplier to the wind power industry.

“The combined company will be a technology leader with a global presence, a competitive cost base and an attractive service business.”

The shareholders of the company are scheduled to vote on the proposed plan in the next ordinary annual shareholders’ meeting in February next year.

In the last quarter, Siemens reported €14.22bn in revenues, falling marginally from €14.25bn registered in the same three month period in 2019.

The company also anticipates a moderate decline in comparable revenue in the fiscal year 2020, due to the impact of coronavirus-related challenges.

Siemens president and CEO Joe Kaeser said: “We delivered a robust quarter given the serious circumstances. I am particularly impressed with my team that we are able to keep the original timeline for the spin-off of our energy business.

“While we expect to reach the bottom in the third quarter of fiscal 2020, we continue to keep the health and safety of our partners and employees as our first priority, while maintaining business continuity as much as responsibly possible.”

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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