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Senvion in talks with Siemens Gamesa for sale of some European assets

German wind turbine manufacturer Senvion SA is engaged in exclusive negotiations with Siemens Gamesa Renewable Energy SA for the sale of certain services and onshore assets in Europe.

The nonbinding exclusivity agreement has been approved by Senvion's creditors' committee. The company filed for insolvency in April and gained approval for its insolvency plan Sept. 11.

"Today's announcement means that we are close to finding a safe harbor for a significant part of the business and substantial parts of its employee base," Senvion CEO Yves Rannou said in a Sept. 16 statement.

If final agreements are reached, the parties expect that the necessary decisions will be taken by the end of September.