As part of a company reorganization, Siemens plans to divest its solar business activities and focus its renewable energy division on wind and hydro power.
Siemens says its expectations for its solar business have not been met, as the solar market has experienced ‘changed framework conditions, lower growth and strong price pressure.’
‘The global market for concentrated solar power has shrunk from four gigawatts to slightly more than one gigawatt today,’ adds Michael Suess, a member of the managing board of Siemens AG and CEO of the energy sector. ‘In this environment, specialized companies will be able to maximize their strengths.’
Siemens plans to continue to offer products for solar thermal and photovoltaic power plants, such as steam turbines, generators, grid technology and control systems, which are produced outside of its solar and hydro division. The company will continue to operate its solar thermal and PV business units until they are sold.