MUNICH (Reuters) – German company Siemens Energy announced on Wednesday a restructuring of its wind power subsidiary Siemens Gamesa, the difficulties of which have led to an annual net loss of 4.6 billion euros.

Siemens Energy secured a 12 billion euro credit line from private banks on Tuesday, partly backed by the German government, allaying a major investor concern.

The group, spun off from Siemens AG in 2020, said it had made no further provisions for its onshore wind business. In August, the group set aside 1.6 billion euros to resolve these problems.

“I am encouraged that the data for installed onshore wind turbines confirms our previous findings,” said Christian Bruch, Chairman of the Board of Management of Siemens Energy.

“The strength of our balance sheet remains a top priority, and Siemens Energy’s vital role in the energy transition will continue to drive our growth and success in the years to come,” he added.

(Reporting Christoph Steitz; Lina Golovnya)

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