April 12, 2018 / 2:56 PM / 10 days ago

Siemens Gamesa seeks second wind by targeting bigger markets

(Reuters) - Siemens Gamesa, the world’s second-largest wind turbine maker, said it was seeking to bolster growth by targeting markets in Asia, Latin America and Australia.

The Siemens Gamesa logo is displayed outside the company headquarters in Zumudio, near Bilbao, Spain, November 28, 2017. REUTERS/Vincent West

“We have certain markets where we see some growth going forward and India is certainly one of those. The Asian region is an upcoming market where we still can create some market share,” Chief Executive Officer Markus Tacke told Reuters in a phone interview on Thursday.

“Asia, Latin America, Australia - these are the markets I find attractive to realize our growth.”

The merger of Siemens AG’s wind power business with Spain’s Gamesa was completed last year and the combined entity is looking to cash in on combined savings by betting on size and a more focused product portfolio.

Wind turbine makers globally have their eyes on improving efficiency and are building larger turbines that enhance energy generation without significantly increasing costs.

“It’s an ongoing discussion in the market. We just launched a larger turbine in India. Larger turbines onshore and offshore is an ongoing trend,” said Tacke, who was at a press conference in Chennai, India for a company event.

Wind turbine manufacturers are facing pricing pressure globally as government subsidy cuts pit them against conventional energy sources like coal and gas, but Tacke was optimistic about the future.

“From our internal numbers as well as some indicators we can take from the market, I think pricing pressure has been stabilizing on a quarter-on-quarter basis,” he said, indicating an upward trend.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Bernard Orr

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