Siemens is shaking up its renewable energy strategy to focus on wind and hydropower after revealing it is in talks with potential buyers to sell its solar business.
The German engineering giant has revealed its renewable energy organisational reshuffle as part of its 2014 programme. Siemens said its solar energy division has failed to meet its expectations as a result of changed framework conditions and strong price pressures in solar markets.
The company said it is planning to divest its solar business activities and is in talks with potential buyers.
“The global market for concentrated solar power has shrunk from 4 gigawatts to slightly more than 1 gigawatt today. In this environment, specialised companies will be able to maximise their strengths,” Michael Süß, member of the managing board of Siemens AG and CEO of the energy sector said in a statement.