Renewables Demand Drives Record €15 Billion Orders at Siemens Gamesa

Mark Segal November 5, 2020

Wind power solutions company Siemens Gamesa announced today that it received record order intake of €14.7 billion in fiscal year 2020, ended September 30. Driven by momentum in the wind industry, the strong order intake lifted the company’s backlog at year-end to over €30 billion, up 18% year-over-year.

CEO Andreas Nauen said:

“Siemens Gamesa has started the new fiscal year with strong foundations to return the company to sustainable profitability. Measures underway will improve performance and enhance our strengths, positioning us for leadership in a wind energy industry that has a very bright future leading the fight against climate change.”

The company pointed to numerous factors driving demand in the wind industry. The company stated that despite the impact of the COVID-19 crisis, the transition towards less-polluting energy remains on the agenda and there are growing calls for the post-pandemic recovery to be underpinned by actions driving a “green economy.” In addition, an increasing number of countries and companies have undertaken to achieve net zero emissions by 2050, which will require wind installations to more than quadruple to 280 GW per year by 2030, according to the International Energy Agency.

According to the company, momentum is particularly strong in offshore wind, with order intake in the Offshore segment more than doubling to 4.1 GW for the year.

Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.