9 Mar 2022 17:55

Siemens Gamesa not looking at new projects in Russia

MOSCOW. March 9 (Interfax) - Wind turbine producer Siemens Gamesa said it backed the sanctions imposed against Russia and would not be entering into any new commercial projects in the country in the foreseeable future.

As the situation is evolving very quickly, the company is constantly monitoring and assessing the potential impact of the restrictions on its business in Russia, Siemens Gamesa said in a statement.

Siemens Gamesa is also a partner of Enel Russia in renewable energy projects.

Siemens Gamesa is 67% owned by Siemens Energy and 3% by Blackrock . The remaining shares are in free float.

Siemens spun Siemens Energy off and remained its biggest shareholder with 35% at end-November 2021.

Siemens Energy is one of the main suppliers of energy equipment in Russia. In particular, the company owns 65% in a joint venture with Power Machines - Siemens Gas Turbine Technologies (STGT).

Siemens has already announced the suspension of deliveries and work on new businesses in Russia. Siemens is assessing all the consequences of sanctions, the company said.

Siemens and the Sinara Group have a joint venture called OOO Urals Locomotives that makes serially produced DC cargo train locomotives with the Sinara 2ES6 collector traction drive and the Granit 2ES10 asynchronous traction drive, as well as Lastochka electric locomotives and 2ES7 AC mainline locomotives.