Siemens to exit solar, looks for buyers

Solar energy news - Technology giant Siemens to exit solar, looks for buyers

German technology giant Siemens is planning to exit the solar sector and focus its renewable energy division on wind power.
The company said it is already in discussions with potential buyers of its solar operations.
It will continue to produce solar thermal and photovoltaic (PV) equipment, until a deal is reached, to ensure existing contractual obligations are satisfied.
Siemens said the move was a reflection of changed framework conditions, lower growth and strong price pressure in the market, all meaning the company’s solar objectives have not been achieved.
Michael Süß, member of the management board and CEO of Siemens’ energy division, said, ‘The global market for concentrated solar power has shrunk from four gigawatts to slightly more than one gigawatt today.

Continue Reading at New Energy World Network