Siemens freezes new UK wind power investment following Brexit vote

• 9 years ago (2016-06-29)
• David Flin

Europe 1155 Renewables 815

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Siemens has said that it is putting new wind power investment plans in the UK on hold due to uncertainty caused by the UK’s vote to leave the EU. The company said that a £310 million manufacturing hub in Hull that employs 1000 people will not be affected, and the facility will continue to produce blades and assemble turbines. However, the company will not be making new investments until the future of the UK’s relationship with Europe becomes clearer.

The EU had donated £525 million for the Beatrice windfarm project in Scotland, which will be a major buyer of the Hull factory’s turbine blades. Siemens also agreed a contract with a Belgian consortium which had received a £250 million loan from the European Investment Bank for the supply, servicing, and maintenance of 42 offshore turbines.