in News Departments > New & Noteworthy
print the content item

Siemens has announced that it plans to divest its solar business in order to focus more on wind energy and hydropower.

As a part of its reorganization plan, Siemens says it will slim down its Energy sector and discontinue its Solar & Hydro division, which the company separated from its Wind Power business back in August 2011.

Michael Suss, Siemens' Energy sector CEO and a member of the company's managing board, says the decision resulted from lower growth and strong price pressure in the solar market and the company’s inability to meet its own expectations in that market.

However, he stresses that the company will remain active in the wind energy business.

"The importance of renewable energies in the global power mix will continue to grow, and hydropower and wind energy will remain the major renewable contributors,” Suss says. “Our renewable energy activities will be focused on these two areas.

“More than 7,000 employees work in the Wind Power division, and another 2,000 work in the related service business - and the division has an order backlog of more than 10 billion euros,” he continues, adding that the company is making solid progress in both offshore and onshore wind.

As a result of the changes, the remaining business activities of Siemens’ Solar & Hydro Division - hydropower and solutions for energy-storage devices - will remain within the company’s Energy sector. Siemens’ hydroelectric activities include the joint venture Voith Hydro for conventional hydro plants and the business of tidal turbines.

Siemens will continue to offer products for solar thermal and photovoltaic power plants - such as steam turbines, generators, grid technology and control systems - that are produced outside of the Solar & Hydro division. However, the company is currently in talks with interested parties to sell its activities in the solar photovoltaics business.

In the future, Siemens’ Energy sector will comprise the following divisions: Fossil Power Generation (thermal power plants), Wind Power, Oil & Gas, and Power Transmission.


Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.

Hybrid Energy Innovations 2015
Canwea_id1984
Renewable NRG_id1934