Wind purchase

Siemens is acquiring around 25 per cent of BGZ Beteiligungsgesellschaft Zukunftsenergien (BGZ) through its equity company Siemens Project Ventures (SPV).

Based in Husum, Germany, BGZ develops, finances and operates renewable-power generation facilities such as wind, solar and biomass power plants.

With around 140 employees as well as subsidiaries and joint ventures in Europe and the US, the company generated revenue of about €50m (£43.29m) in 2008.

At the end of 2008, the BGZ group had an installed base of more than 950MW in the wind-power sector alone.

SPV and BGZ have been co-operating since 2006, when SPV and the BGZ subsidiary WKN Windkraft Nord established the joint venture Innovative Wind Concepts to develop and implement wind-power projects in central and east Europe.

Regulatory approval of the transaction is still pending.

Both companies have agreed not disclose the purchase price.