Loading ...As “Green Energy” dies, the bailouts begin — German Gov’t Agrees To Bailout Giant Loss-Making Wind Farm, UK Increases Subsidies
Reuters reports the German government, Siemens AG, and other parties will provide billions of euros in project-related guarantees to support Siemens AG’s struggling wind turbine division. This financial assistance comes just weeks after the company warned about mounting losses amid a meltdown across wind and solar industries.
The German state would assume liability for 80% of an initial 10 billion euro funding tranche, while banks would be liable for the remaining 20%, WirtschaftsWoche said.
financial crisis continues to accelerate across the wind industry, with the world’s largest offshore wind farm developer, Ørsted, pulling out of major US projects due to soaring inflation costs and a high-rate environment. And the renewable energy meltdown in wind has spread to solar as several solar power company stocks crashed on sliding demand.