German government grants Siemens Energy a loan guarantee to help secure the company

BERLIN (AP) — The German government says it is granting a 7.5 billion-euro ($8 billion) loan guarantee to energy technology company Siemens Energy as part of a package to help the firm. Siemens Energy is an important player in the transition to renewable energy sources. It sought help from the government as it struggles with problems at its Gamesa wind energy subsidiary, including quality issues with previously installed wind turbines. The government held talks with Siemens Energy, industrial conglomerate Siemens AG and with private banks. Germany’s Economy Ministry said Tuesday that the government’s precondition for helping was “that all stakeholders participate appropriately in safeguarding the company.”