[Economics] Siemens Gamesa to Sell Its Wind Turbine Factory in Tangier

[The GodFather]

 

 

Rabat - Wind turbine manufacturer Siemens Gamesa plans to sell its blade making factory in Tangier after terminating operations in 2023, according to Reuters.

Supply bottlenecks caused by factors such as the COVID-19 pandemic and the war in Ukraine as well as soaring steel and aluminum prices led the manufacturer to reconsider its positioning in Morocco.

"The decision was taken from a global perspective that accounted for changing market demands, increased competition, and the impact of a severe supply chain crisis," Siemens Gamesa’s Onshore CEO for South Europe, Africa, Latin America, and Brazil Paulo Fernando Soares told Reuters by email.

Siemens Gamesa expects to continue operations in nine other African countries to deliver on current projects. 

 

The company also plans to maintain its partnerships with key African markets like Morocco, Egypt, and South Africa, says the senior official. 

The three countries are co-founders of the African Green Hydrogen Alliance and major regional hubs for multinational investments in solar, wind, and green hydrogen projects. 

Read Also: Morocco, Egypt Commit to Foster Climate Cooperation

Rabat, Cairo, and Cape Town have recently reiterated their commitment to the climate agenda during the ongoing UN Climate Change Conference (COP 27) in Sharm El Sheikh, Egypt.

The event has represented an opportunity for official delegations from Morocco, Egypt, and other African countries to expand former partnerships and build new ones with international financial institutions, multinational companies, and developed economies. 

The partnerships underline the need for collective action to boost climate finance, decarbonize industries, and introduce early warning systems to limit the devastating consequences of climate change. 

This growing interest in low-carbon technologies, particularly in the energy sector, is expected to lead to a long-term boom in demand for onshore and offshore wind solutions as well as green hydrogen technology after 2024, Siemens Gamesa forecasts. 

However, the recent supply chain disruptions are increasing the costs of energy transition projects in 2022-23, Soares argued.

 

 

https://www.moroccoworldnews.com/2022/11/352438/siemens-gamesa-to-sell-its-wind-turbine-factory-in-tangier