Spanish Government Supports Siemens Gamesa $1.3 Billion Guarantee Package

The Spanish government has moved to support Siemens Energy’s wind turbine division, Siemens Gamesa, as part of a 1.2 billion euro ($1.31 billion) guarantee facility, Spanish export credit insurance agency Cesce said on Monday.

The Spanish state’s backstop will be up to 600 million euros, or 50% of the package to support wind projects, and will be deployed via Cesce. Six banks also support the guarantee facility.

Siemens Energy recently announced an overhaul of its struggling wind division, which was affected by major quality issues at its newer onshore wind turbine platforms.

Last year the German government agreed to support Siemens Energy with guarantees worth 7.5 billion euros as part of a deal with other stakeholders.

(Reporting by Pietro Lombardi; Editing by Louise Heavens and David Goodman)