Siemens to close solar business after losing $1bn

Siemens Energy (NYSE: SI) is to close its solar power unit after failure to find a buyer and losing at least $1bn.

The division has been on sale since the end of October 2012 and following failure to find a buyer, 280 jobs will be at stake once final projects are completed.

Siemens solar

Spokesman Torsten Wolf told Bloomberg, that it “has become evident that, due to the increasingly difficult market situation, we will not find an investor for this business,” Wolf said. “We had negotiations with a number of interested parties but no agreement could be achieved.”

Amongst acquisitions made to boost the company's overall solar portfolio Siemens had paid $418 million to acquire Beit Shemesh, Israel-based Solel Solar Systems in 2009.

For more solar power generation news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...