No further provisions for faulty onshore turbine platforms
To review the scope of Siemens Gamesa activities
More details expected on Nov. 21 capital markets day

MUNICH, Nov 15 Reuters Siemens Energy is reviewing the structure of Siemens Gamesa, it said on Wednesday, in a bid to return to profit the struggling wind division that caused a 4.6 billion euro 5.0 billion annual net loss for the group.

Siemens Energy on Tuesday secured a 12 billion euro credit line from private banks that was partly backstopped by the German government, removing a major concern for investors that feared the group could lose out on business without the funds.

The group, which was spun off from Siemens AG in 2020, said it had made no further provisions for faulty onshore turbine platforms following an analysis of its fleet. In August, it set aside 1.6 billion euros to tackle the problem.

I am encouraged that the data from the installed onshore turbines confirm our previous findings, Chief Executive Christian Bruch said.

Our strong balance sheet remains a top priority, and Siemens Energy39;s vital role in the energy transition will continue to drive our growth and success in the years ahead.

Frankfurtlisted shares in Siemens Energy were up 2.6 at 0714 GMT.

Siemens Energy said it would review the scope of Siemens Gamesa39;s activities, which includes the manufacturing of blades and turbines, adding more details on what that meant would be revealed at the group39;s capital markets day on…