Siemens plans to close down its solar power arm. The company said is has lost some $1.34 billion on the solar energy part of its business since 2011.
The company bought Israeli solar energy firm Solel Solar Systems in 2009 for $418 million in an attempt to expand its renewable energy offerings, but the division was put up for sale last fall as prices for solar technology declined, according to Bloomberg.
Siemens negotiated with several interested parties but was unable to find a buyer for the division, according to Power Engineering.
The division shutdown will affect about 280 jobs. A spokesperson for Siemens told Bloomberg the company will finish several solar projects and the closure will cost a “double-digit million-euro” sum.