Siemens AG has completed the merger of its wind power business with Gamesa Corporación Tecnológica SA, according to an April 3 release.
The merger creates a turbine manufacturer and project developer with an installed base of nearly 75,000 MW, an order book of €20.9 billion and revenue of €11 billion, Siemens said.
Gamesa shareholders overwhelmingly approved the merger in October 2016. Spain's securities market regulator confirmed the merger in December 2016.
"With the new wind power company, we've created a global market leader in the area of renewable energies," said Siemens President and CEO Joe Kaeser.
The deal, announced June 2016, is seen as a sign of consolidation in a maturing industry that should produce a combined company with an expanded product line and stronger balance sheet.