Voith Group is to take complete ownership of Voith Hydro after agreeing to acquire Siemens Energy’s 35% stake in the hydropower business.
The firms came to a mutual agreement yesterday regarding the buyout of Siemen’s stake in the former Voith Siemens Hydro Power Generation GmbH & Co. KG, expected to close athe end of Q1 2022. Voith said the move supports its ongoing strategy to strengthen the core business in the field of sustainable technologies, and will allow the company to consistently benefit from the growing role of hydroelectric power in the renewable energy mix.
“For a few years now, our strategy has been to tap into promising business fields in connection with the megatrends of digitalization and decarbonization and expanding our core business in this direction,” said Dr. Toralf Haag, President and CEO of Voith Group. “After a number of strategic acquisitions in our Paper and Turbo Group Divisions, we are pleased that with complete ownership of Voith Hydro, we will be able to drive the expansion of hydropower even further in the future.”
“The hydropower business has been a main pillar of Voith Group for more than 140 years,” added Uwe Wehnhardt, President and CEO of Voith Hydro. T’oday, it is considered to be the backbone of renewable energies and plays a key role in the decarbonization of our society in many regions of the world because of its grid-stabilizing effect. We, therefore, see great potential for sustainable profitable growth in Voith Hydro.”
Voith Siemens Hydro Power Generation GmbH & Co. KG was established back in 2022 as a joint venture to bundle the turbine knowledge of Voith with the generator know-how of Siemens in order to offer the entire power unit for hydroelectric power plants from a single source. Today, Voith Hydro is a complete provider of “water to wire” solutions which means the original joint venture structure has little relevance for business operations anymore. There will be no personnel changes in the division’s management nor elsewhere at Voith Hydro, said the company.
