Siemens Gamesa gets EUR-175m loan to pay for Senvion's assets

Senvion's 3.4M104 turbine. Source: Senvion SE 2014. License: All rights reserved.

February 20 (Renewables Now) - Wind turbine maker Siemens Gamesa Renewable Energy SA (BME:SGRE) has obtained a EUR-175-million (USD 188.9m) loan from Spain’s Bankia SA (BME:BKIA) to finance the acquisition of certain assets from German peer Senvion SA (ETR:SEN).

The loan adheres to the environmental, social and corporate governance (ESG) criteria and as such, counts as sustainable, the lender said.

The loan agreement includes a premium that Siemens Gamesa would have to pay to Bankia if the company's ranking in sustainability indices changes. Bankia will use such proceeds to finance sustainable projects.

Siemens Gamesa has recently closed the acquisition of Senvion’s European onshore wind farm services business, assets associated with it and intellectual property (IP). The acquisition of all shares in Ria Blades SA, Senvion’s company that owns a blade factory in Vagos, Portugal, is due to be closed by the end of March 2020.

The turbine maker said it would pay EUR 200 million for Senvion’s assets.

(EUR 1.0 = USD 1.08)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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