A renewable energy giant is to reportedly cut 740 jobs across the US and Denmark.

Siemens Gamesa has stated the move aims to reduce costs in these important markets and increase competitiveness in other regions.

The company, which was created in a merger between Siemens and Gamesa earlier this year, said it hopes to set up facilities enabling the local supply of components for its wind turbines.

It is said to have announced it will cut 600 jobs at its Aalborg blade factory in Denmark, with a further 130 at the site being relocated to elsewhere in the business.

The cuts, which are suggested to begin in September, will also see 140 employees laid off at the firm’s nacelle factory in Kansas, US.

Siemens Gamesa also announced it would close a blade factory in Canada.