Siemens Energy clinches state guarantees amid annual loss


Siemens Energy site in Muelheim an der Ruhr, Germany, August 3, 2022.

Wolfgang Rattay | Reuters

Siemens Energy has secured 7.5 billion euros ($8.15 billion) in project-related state guarantees from the German government, hours before announcing a nearly 5 billion euro loss for its fiscal year.

The German economy ministry announced late on Tuesday that it had granted the backstop as part of a wider package of 15 billion euros in guarantee lines agreed with banks and other stakeholders, following talks with private lenders and the company’s largest shareholder, Siemens AG.

Private banks will grant a guarantee line totalling 12 billion euros, while Siemens Energy will secure a further 3 billion…

Source cnbc.com

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