Siemens studies Philippines' offshore wind potential

Siemens studies Philippines' offshore wind potential

German industrial major Siemens AG (ETR:SIE) is assessing offshore wind's
investment potential in the northern part of the Philippines, its top
executive told the Manila Bulletin.

Siemens' president and CEO Joe Kaeser said in an interview with the
newspaper that the company is conducting offshore studies in the province of
Ilocos Norte. According to preliminary data, the Philippines has "parallel
massive potential" for this type of projects, Kaeser has said.

Earlier this month, Siemens formally merged both its onshore and offshore
wind businesses with Spanish wind turbine maker Gamesa (BME:GAM), taking a
59% stake in the enlarged company, to be known as Siemens Gamesa Renewable
Energy. The headquarters of the offshore business continue to be located in
Hamburg, Germany and Vejle, Denmark.

Kaeser told the Manila Bulletin that Siemens plans to cut the cost of the
offshore wind technology by 40% in the next four years.

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Link to Original Article:
https://renewablesnow.com/news/siemens-studies-philippines-offshore-wind-pot
ential-report-565930/

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com