The European Commission has cleared the proposed merger of Siemens’ and Gamesa’s wind businesses.

It states the transaction does not raise any competition concerns as a number of “credible competitors” would remain in the market.

Spanish firm Gamesa is primarily active in the supply of onshore wind turbines but also sells offshore turbines through its subsidiary Adwen Offshore.

Germany’s Siemens is active in a number of industrial areas, including the supply of onshore and offshore turbines and its components such as generators, gearboxes and switchgears through its Wind Power and Renewables division.

The transaction, expected to be completed in early April, will create a company with an installed base of 75GW, an order book of €20.9 billion (£18.2bn) and revenue of €11 billion (£9.6bn).

Lisa Davis, Member of the Managing Board of Siemens said: “We have reached a milestone in our path to merge Gamesa and Siemens Wind Power and create a leading global wind player.

“This merger is designed to combine the complementary strengths of both companies to benefit our customers, shareholders, employees and suppliers. I’m excited about bringing the new company to the market very soon.”