Deals
Siemens Exits Solar, Desertec in Green Portfolio Setback
This article is for subscribers only.
Siemens AG plans to give up its unprofitable solar-energy business after failing to turn the unit around, in a blow to the German engineering company’s effort to win more revenue from its so-called green portfolio.
Siemens is offering the asset to potential buyers, the Munich-based company said in a statement today. The company will also end its membership in a high-profile venture to generate renewable energy in the Sahara desert. Siemens will keep its wind and hydro-power activities, the company said.