SIEGY - Siemens Energy signs Euro7B deal for North Sea grid connections

2023-04-20 09:53:46 ET

Siemens Energy ( OTCPK:SIEGY ) ( OTCPK:SMEGF ) said Thursday it signed a framework agreement worth nearly €7B (~$7.68B) from German-Dutch transmission system operator TenneT as part of a consortium with Spain's Dragados Offshore to supply technology for three grid connections in the German North Sea.

Siemens Energy ( OTCPK:SIEGY ) ( OTCPK:SMEGF ) said the projects available through the agreement will ensure that a total of 6 GW of offshore wind power can be transported onshore.

The three grid connections will transport electricity from wind farms in the German North Sea to grid connection points in northern Germany, with each system having a transmission capacity of 2 GW, the company said.

Siemens Energy ( OTCPK:SIEGY ) ( OTCPK:SMEGF ) said it will manufacture the main electrical components at its factories in Europe, while Dragados Offshore will be responsible for construction and offshore installation of the platforms.

Siemens ( OTCPK:SIEGY ) is a great business but the stock is still expensive, Wolf Report writes in an analysis published on Seeking Alpha .

For further details see: