Siemens to give up solar business

Siemens AG has released plans to surrender its solar business and concentrate its renewable energy business on wind and hydroelectric power, according to the Associated Press.

Siemens said it is discussing selling the solar portion of the business with possible buyers.

Siemens said in a statement that ‘‘due to the changed framework conditions, lower growth and strong price pressure in the solar markets, the company’s expectations for its solar energy activities have not been met.’’

Siemens said it will continue offering equipment such as turbines and generators for solar power plants.

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