"German government has agreed to provide €7.5bn of state guarantees to embattled renewables group Siemens Energy as part of a €15bn rescue package for the group as it weathers massive losses in it’s wind-turbine unit. The deal is vital to sustaining a €110bn portfolio of clean energy projects planned by the company Siemens Energy has said it is targeting €400mn of cost cuts at its struggling wind turbine business after huge losses forced it to take a €15bn government-backed bailout last month.
“We're making sure we are streamlining wherever possible,” said CEO Christian Bruch. Shut down nuclear power plants, bail out failing renewables and build more coal power plants! German greens are a funny bunch!
