German engineering major Siemens (ETR:SIE) will need more clarity on the future UK-EU arrangements before it can make decisions on new wind investments in the UK.
Juergen Maier, CEO of Siemens in the UK, told the Guardian that it would put on hold certain plans because of the Brexit vote. Progress on Siemens’ manufacturing site in Hull, which is nearing completion, will not be affected. The company will create 1,000 jobs in the EUR-310-million (USD 343m) blade factory and associated facilities there.
The Siemens Plc head was cited as saying that plans to export offshore wind equipment from Hull would be put on hold. Maier is urging the UK government to start negotiations as soon as possible with the wind industry before it notifies the EU of a leave decision.