Furthermore, a cooperation agreement was signed between Iberdrola, Siemens and SGRE, which includes certain projects for wind power generation and the improvement of the distribution network, for which Iberdrola, as a customer of SGRE and Siemens, will guarantee these companies exclusive negotiation for a limited period of time.

As part of the spin-off of the gas and power business and the subsequent IPO, Siemens will contribute all of its SGRE shares to the new Siemens Energy. This will create a fully specialized energy company with a value proposition in both conventional and renewable energy.
“Siemens and Iberdrola recognized the need for consolidation in this sector long before other companies and are therefore taking the first step in this direction. We have created a leading and robust renewable energy provider, and we still see significant growth potential and value creation for SGRE. SGRE is an essential pillar in the new Siemens Energy portfolio as we address the necessary transition from conventional to renewable energy. The time has come to take the next step in this mission,” said Joe Kaeser, Chairman and CEO of Siemens AG.

“2020 is a pivotal year in which climate protection has become a top priority on the global agenda. We are convinced that the energy transition offers Siemens Energy numerous opportunities. With our diverse and growing portfolio in the renewable energy sector, we are well-positioned to pioneer low-carbon technologies and provide tailored solutions to countries with increasing energy needs,” adds Michael Sen, Member of the Board of Management of Siemens AG and President-designate of Siemens Energy.