Siemens Energy raises capital for wind takeover

Germany

MUNICH, March 17, 2023 – Siemens Energy has successfully raised USD 133 billion through the sale of new shares with the intent of buying out Siemens Gamesa Renewable Energy, the global energy company announced on Wednesday.

The company traded 72.7 million shares at EUR 17.32 each.

According to Reuters, BNP Paribas Energy Transition Fund took on around 10% of the shares on offer, which would make them 0.9% stakeholders in the company.

“We are very pleased to see that institutional investors, amongst others […] are confident in our strategy to become the leader in the energy transition,” said Maria Ferraro , CFO of Siemens Energy.

“The capital increase was almost four times covered. The successful placement of new shares is an important milestone in the refinancing of our cash tender offer for Siemens Gamesa and supports our solid investment grade credit rating.”

The money raised will be partially spent to finance the company’s acquisition of subsidiary Siemens Gamesa Renewable Energy, which it bid on for around USD 4.3 billion in November 2022.

The acquisition will see Siemens Energy take 100% ownership of the wind turbine manufacturer.