Siemens and Gamesa merge to form largest wind farm business
Germany’s Siemens has signed a binding agreement today with leading Spanish wind turbine manufacturer Gamesa to create the world’s largest builder of wind farms.
Siemens will receive newly issued shares of the combined company and will hold 59 percent of the share capital, with Gamesa's existing shareholders set to hold the remaining 41 percent.
In exchange for taking the leading role, Siemens will pay Gamesa's shareholders, including Spanish utility Iberdrola, 1 billion euros (US $1.1 billion) via an extraordinary dividend.
The new combined company is poised to overtake Denmark’s Vestas to become the world’s largest wind farm manufacturer by market share.
The hybrid Siemens-Gamesa venture will have its legal domicile and global headquarters in Spain’s Basque region and will remain listed in Spain. Its onshore headquarters will also be located in Spain, while the offshore headquarters will reside in Hamburg, Germany, and Vejle, Denmark.
"The merger with Siemens constitutes recognition for the work performed by the company in recent years and evidences our commitment to generating value in the long term by creating significant synergies and extending the horizon of our profitable growth," said Ignacio Martín, Executive Chairman and CEO of Gamesa.
“Today, we are embarking on a new era, creating, alongside Siemens, a world-leading wind player. We will continue to work as before, albeit as part of a stronger company and with an enhanced ability to offer all of our customers end-to-end solutions."
Siemens shares rose 1.62 percent to 92.36 Euros during late morning trade in Frankfurt, while Gamesa’s shares were suspended from trading on the Spanish stock exchange today.
The Spanish company has reported that the final details of the merger are still being confirmed.
All but two UK regions failing on school energy efficiency
Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.
Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.
According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.
Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.
“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."
He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."
North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).
The Department for Education has issued 13 tips for reducing energy and water use in schools.