German-Spanish wind energy company Siemens Gamesa has agreed to buy major assets from insolvent German wind turbine manufacturer Senvion for 200 million euros, Reuters reports, according to CLEW. Siemens Gamesa said it was buying a large part of Senvion’s European onshore services business, all its intellectual property and an onshore blade manufacturing facility in Vagos, Portugal.

Senvion, which is in self-administration after becoming insolvent in April, said the agreement would secure the jobs of more than 2,000 employees, nearly 60 percent of the company’s total staff. The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals and other customary closing conditions, Senvion said in a press release.