Siemens is realigning its business portfolio and solar energy will be nixed. According to the company, Siemens will focus its renewable energy efforts more on wind and hydropower and is currently holding discussions with other interested parties to complete its divestment.
The company plans to discontinue its Solar & Hydro Division based on low growth and high pricing appearing in the solar markets which did not allow Siemens to reach its solar targets. “The global market for concentrated solar power has shrunk from 4 GW to slightly more than 1 GW today. In this environment, specialized companies will be able to maximize their strengths,” said Michael Süß, member of the Managing Board of Siemens AG and CEO of the Energy Sector.
Siemens will continue to offer suitable products for solar thermal and photovoltaic power plants, such as steam turbines, generators, grid technology, and control systems, which are produced outside of the Solar & Hydro Division.
Existing contractual obligations will not be affected.
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