Sale of European Onshore Service business to Siemens Gamesa complete

Senvion today announced that the sale of its European Onshore Service business and intellectual property to Siemens Gamesa Renewable Energy (SGRE) has been concluded successfully. The European Commission had approved the transaction unconditionally, including the sale of Senvion's wind turbine blade manufacturing facility located in Vagos (Portugal), on 20 December 2019.

Yves Rannou, CEO of Senvion: "Being able to complete this part of the transaction today is an important achievement after a prolonged and difficult period of uncertainty. We have been able to secure around 70% of all jobs at Senvion with this transaction. This is the result of a tremendous effort by the entire team. I am convinced that Siemens Gamesa will be a good new home for all employees transferring there today. I am also proud that Senvion and the knowledge and skills developed at here will live on this way and continue to contribute to the future of energy."

Dr. Thorsten Bieg, Partner at GÖRG who joined the Management Board as a restructuring expert: "Speaking for the self-administration, being able to close the sale of the European Onshore Service business today is a significant milestone and brings us one step closer to completing the proceedings for the remainder of the business. I would like to thank all stakeholders, particularly our main creditors, for their support in getting to this point."

Senvion Deutschland GmbH - and its European subsidiaries - was acquired by SGRE as part of the transaction and will operate as a pure service provider within Siemens Gamesa's Service Unit effective immediately.

The acquisition of all the shares in Senvion's wind turbine blade production facility Ria Blades, S.A. in Vagos, Portugal, by SGRE is expected to be closed within due course, once final closing conditions have been fulfilled.