Siemens announced that it will modify its business strategy and organizational setup with respect to renewable energy, focusing on wind and hydro power while divesting its solar business activities. The company is currently holding talks with potential buyers for the solar business. As part of this reorganization, the Energy Sector will be slimmed down and theSolar & Hydro Division will be discontinued.
In a statement, the company revealed that “due to the changed framework conditions, lower growth and strong price pressure in the solar market, the company’s expectations for its solar energy activities have not been met.” Siemens will continue to offer 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.
Siemens will continue to operate the two business units Solar Thermal Energy and Photovoltaic until the sale…
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