With its portfolio Siemens Energy focuses primarily on transporting and storing energy, decarbonizing industrial processes, and generating electricity with little or no CO2 emissions. However, thus far the hydropower sector has had a subordinate role. The Voith Hydro joint venture (formerly Voith Siemens Hydro Power Generation) was founded in 2000 when Siemens and Voith merged their activities in the field of turbine and generator technology for hydropower plants. As part of the independence of Siemens Energy, the shares in Voith Hydro were transferred from Siemens AG to Siemens Energy in 2020.

Dr. Jochen Eickholt, Member of the Executive Board at Siemens Energy: "The transaction is further evidence that we’re consistently aligning our portfolio with our core business. Less complexity, more efficiency – this is how we want to position Siemens Energy for the future. With the takeover of all the shares, our previous partner Voith will be able to pursue the expansion of hydropower in the electricity mix even more consistently, which is the optimal solution for everyone involved."