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


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...