The German government has agreed to provide €7.5bn of state guarantees to embattled renewables group Siemens Energy as part of a €15bn rescue package for the group.
The deal is vital to sustaining a €110bn portfolio of clean energy projects planned by the company — a cornerstone of Europe’s green energy transition — which was last month revealed to be in jeopardy amid a lending freeze in the renewables market.
“In the past few weeks, the federal government has been in intensive contact with Siemens Energy, Siemens [Siemens Energy’s largest shareholder] and private banks,” the German ministry for economics and climate change said in a statement on Tuesday.
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