The acquisition is going to give Siemens access to further innovative projects in the area of sustainable power generation, expanding its portfolio of products and services. BGZ develops, finances and operates renewable energy projects like wind, solar biomass power plants.

Siemens will invest into BGZ through its Siemens Project Ventures equity company (SPV), harnessing BGZ's long-time experience and know-how in the development of wind energy projects, and contributing to the expansion of Siemens' renewable energy business. SPV and BGZ have been cooperating since 2006, when SPV and BGZ (it's subsidiary) established a joint venture Innovative Wind Concepts GmbH, for the purpose of developing and implementing renewable energy projects in Central and Eastern Europe.

In 2008, BGZ has had an installed base of about 950 MW in the wind power sector, and the company's customers include major energy suppliers and international financial investors.