Siemens to exit solar thermal, photovoltaics business

22 Oct 2012

German engineering giant Siemens A G today said that will sell its solar power and photovoltaics business and instead focus on its other renewable energy activities like wind and hydro power.

The Munich-based company said that it is holding talks with potential buyers for its solar thermal energy and photovoltaics units.

''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 in a statement.

"The global market for concentrated solar power has shrunk from four gigawatts to slightly over one gigawatt today. In this environment, specialised companies will be able to maximise their strengths," said Michael Süß, member of the board of Siemens and CEO of the Energy Sector.

Siemen's Solar & Hydro division generated revenue in the low triple-digit millions in the last fiscal year and has roughly 800 employees.

Siemens will continue to operate the solar thermal energy and photovoltaic units until the sale so that existing contractual obligations will not be affected.