Siemens to shut solar operation

Siemens bought Solel for $418m in 2009

Siemens bought Solel for $418m in 2009

Siemens is to close down its loss-making solar operation after failing to find a buyer for the rump of its concentrating solar power (CSP) business.

The move will affect about 280 staff – mostly at its Israel-based Solel Solar Systems subsidiary.

The German industrial giant announced in October 2012 that it was talking to potential buyers for its solar assets after deciding to exit the sector.

“Investments in this area, not just for us but for others, were not worthwhile,” Siemens chief executive Peter Löscher said last year.

In a statement today Siemens said: “After seven months of intensive sales efforts for our concentrated solar business, it now has become evident that, due to the increasingly difficult Log in to read complete article.

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