Siemens Energy stabilises funding structures during financial stress

Best Funding Solution

Overall Winner

Siemens Energy

Photo of Olaf Grosse, BNP Paribas, Andreas Maier, Elizabeth Tsimpirimpi, Michael Cremer and Dr Robert McAnally, Siemens Energy.

Dr Robert McAnally

SVP Head of Treasury and Corporate Finance

Germany

Siemens Energy AG is a German publicly traded energy corporation formed through the spin-off of the former Gas and Power division of Siemens, and it includes full ownership of Siemens Gamesa.

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The challenge

Only a short time after becoming independent, Siemens Energy faced an urgent challenge. It needed to stabilise funding and guarantee capacity while preserving operational continuity.

A central issue was its partial ownership of Siemens Gamesa Renewable Energy (SGRE). With a stake of around 67%, the company lacked full operational control under Spanish market rules, which require near-total ownership before a parent company can fully control and manage a listed subsidiary.

As a result, Siemens Energy needed to acquire the remaining minority shareholders to gain full strategic control of its wind business.

At the same time, the wind-down of its Russian business, multiple profit warnings and engineering issues affecting components of its onshore wind turbine fleet significantly undermined market confidence.

The solution

To stabilise the company’s financial framework, Siemens Energy’s treasury team engineered an €11bn guarantee structure, making it one of the largest corporate guarantee frameworks assembled in the European market.

As operational performance improved and market confidence returned, treasury moved swiftly to restore market-based financing. In 2025, the team successfully arranged a €9bn bank-backed guarantee facility that replaced the government-supported structure several years ahead of its intended maturity.

Best practice and innovation

The Siemens Energy funding solution demonstrates how treasury leadership can stabilise funding structures during financial stress while preserving access to market-based financing.

The €11bn Bund-backed facility represented an innovative hybrid structure combining sovereign guarantees and commercial bank participation. This ensured the company maintained the guarantee capacity required to support global energy infrastructure projects, despite credit profile pressure.

Equally important was the strategic design of the facility as a temporary stabilisation tool rather than a permanent financing solution.

Internally, Siemens Energy strengthened treasury capabilities by introducing a two-year rolling forecasting framework for guarantee demand, which together with analysis from across the business areas, improved forecasting accuracy and visibility of future requirements. This enabled treasury to engage proactively with banks and align facility capacity with the company’s global project pipeline.

In 2025, this analytical foundation supported the arrangement of a €9bn bank-backed guarantee facility, replacing the government-supported structure several years ahead of its intended maturity. The facility relied solely on the risk appetite of a consortium of banks and was sized through bottom-up analytics directly linked to Siemens Energy’s order backlog development.

Key benefits

Cost savings.
Process efficiencies.
Risk mitigation.
Exceptional implementation (budget/time).
Improved key performance indicators (KPIs) or metrics.
Improved visibility.

Market confidence also improved markedly. Over the period, Siemens Energy’s credit profile strengthened significantly, with S&P improving the rating to BBB with a positive outlook and Moody’s raising its rating to Baa1 from its inaugural rating of Baa2.

The strengthened financial position also enabled Siemens Energy to announce a €10bn capital return programme. As planned, the funding strategy successfully stabilised Siemens Energy’s financial framework during a period of exceptional operational and market pressure.

The funding solution implemented by Siemens Energy’s treasury and corporate finance team reflects treasury leadership operating under extraordinary pressure. When Dr Robert McAnally, SVP Head of Treasury and Corporate Finance, joined Siemens Energy in 2021, the company was still establishing its financial independence following its carve-out from Siemens AG. Within months, his team faced a convergence of strategic transactions and operational shocks that placed unprecedented demands on the treasury function.

Treasury maintained near-constant engagement with banks and investors to ensure transparency and maintain confidence in the company’s strategy. Teams were working 100-hour weeks during the most challenging period, as treasury coordinated discussions among lenders, government stakeholders, and internal leadership.

At the same time, the treasury function itself was undergoing transformation. Leadership changes, cost-efficiency initiatives, and the launch of a global treasury transformation programme were underway alongside the financial stabilisation effort.

Despite being one of the largest unsecured corporate guarantee facilities globally, the €9bn facility was oversubscribed by 44%, signalling renewed lender confidence in Siemens Energy’s recovery.

The experience reflected a leadership principle often cited by Maria Ferraro, CFO of Siemens Energy: a crisis should not be wasted. Under exceptional pressure, treasury used the moment not only to stabilise the company’s financial framework, but also to accelerate ideas, rally teams and deliver at a level of quality rarely seen in ordinary times.

Rodolphe Vergeaud

Co-Head of Transaction Banking EMEA, Head of Trade and Working Capital CIB EMEA, BNP Paribas

This project offers a blueprint for corporates in capital-intensive sectors on how to combine sovereign support, strong banking relationships, and disciplined treasury strategy to preserve operational continuity during periods of crisis. BNP Paribas is proud to have supported Siemens Energy throughout this journey and congratulates them on this win.

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The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards

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