Tuesday, March 26th, 2019

Siemens pulls plug on last solar energy business

Saftey helmets are piled up at Siemens AG gas turbine factory hall in BerlinMUNICH (Reuters) – German industrial conglomerate Siemens is shutting down the last of its solar energy businesses after it failed to find a buyer, the company said on Monday. Confirming a report in German newspaper Handelsblatt, a spokesman for Siemens said the group would close Solel by early next year. The Israeli business has accumulated losses of around 1 billion euros ($1.33 billion) since Siemens bought it in 2009, including a write-off of the entire purchase price. Siemens has spent seven months trying to sell Solel, which makes components used in solar-thermal power stations. …

Speak Your Mind

Questions or comments? We'd love to hear from you!