Aquila European Renewables plc (LON:AERS) on Friday provided an update on its exposure to Siemens Gamesa turbines in the context of the recently reported increase in failure rates of components used in such machines.
The investment firm advised by Aquila Capital Investmentgesellschaft mbH said in a statement that its current portfolio includes only one wind farm featuring Siemens Gamesa hardware and that the particular facility is not equipped with the turbine models in which the supplier has identified technical issues. The company further noted that, while the products’ warranty period has ended in 2022, it has not experienced serial defects so far.
The wind park in question is the 32-MW Svindbaek facility in Denmark in which Aquila European Renewables plc has a 99.9% stake. It represents some 9% of the company’s net asset value (NAV) as of end-March 2023.
The investment firm concluded that it continues to engage with Siemens Gamesa in connection with this development.
Last week, Siemens Gamesa’s parent company, Siemens Energy, withdrew its profit guidance following a substantial increase in failure rates of wind turbine components from its subsidiary. The German energy major estimates that the potential costs the group could incur in order to reach the targeted product quality of certain onshore platforms are likely to exceed EUR 1 billion (USD 1.1bn).