Following a ‘tough’ 2020, Siemens Gamesa is now on track for a turnaround, according to chief executive Andreas Nauen.
Speaking at the turbine manufacturer’s Annual General Shareholders Meeting, he said: “Despite this promising future, it is clear that 2020 has been a tough year.
“The pandemic was felt in the financial and operational performance.
“Altogether with unexpected sharp declines in certain key markets such as India, as well as some issues in project management and execution.
“To address those challenges, the company has a renewed management team to lead the necessary turnaround.
“Our financial performance in Q1 was an encouraging sign, but really only the beginning.
“The management team fully understands that there is much more hard work to be done to ensure that Siemens Gamesa becomes the profitable and successful company we know we have the potential to be.”
Shareholders at the meeting in Bilbao, Spain, were told that the prospects of renewable energy had never been more promising.
This is due to governments prioritising green investment in their strategies for economic recovery and a growing global commitment to address the decarbonisation challenge.
Chairman Miguel Ángel López said: “The realization of the immediate need to address the climate threat is driving a growing global focus on sustainability that in turn provides bright prospects for our industry and our company.
“I am optimistic about the future and look forward to what lies ahead.
“We will remain focussed on disciplined implementation of our business plan and on achieving sustained value creation.”
Nauen added that the development of green hydrogen would be key to decarbonising the economy.
He said: “To achieve this, we need to utilize the ample, cheap and green electricity available through renewable energy technologies.
“Green hydrogen is key to this effort and Siemens Gamesa is leading the way.”