Siemens Gamesa acquires 8.9GW of assets of Senvion Group

Siemens Gamesa Renewable Energy has reached an agreement to acquire selected European assets of Senvion Group for EUR200 million (US$223 million).

The assets included in the transaction are a large part of the European Onshore Service Business of Senvion Group and all associated assets and operations to provide full service, all the Intellectual Property of Senvion, as well as the onshore blade manufacturing facility in Vagos, Portugal.

The acquisition of a Service fleet of 8.9 GW from Senvion will take Siemens Gamesa to a total of nearly 69 GW under maintenance. The addition of these assets helps to diversify Siemens Games's business mix and geographical exposure with contracts that offer long-term visibility and renewal rates that have historically been very high.

Senvion Group´s operational subsidiary Senvion GmbH is based in Hamburg and represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the Netherlands, the UK, Italy, Romania, Portugal, Spain, Sweden, and Poland as well as on a global level.

The intellectual property of Senvion allows Siemens Gamesa to further enhance its technology portfolio for future Siemens Gamesa development.

As part of the acquisition, approximately 2,000 Senvion employees are expected to join Siemens Gamesa.

Subject to obtaining the necessary regulatory approvals and achieving other closing conditions, Siemens Gamesa expects to close the respective acquisition of assets in the first half of the fiscal year 2020 (October 2019 - March 2020).

Rothschild & Co acted as financial adviser to Senvion on the transaction.