Siemens set for further writedown on solar
Reports suggest firm will take additional $321m hit from solar exit
Financial Times Deutschland has reported that Siemens will have to take an additional gross writedown of US $321 million on its solar business, which it earlier announced it was set to exit. The paper suggests that, in total, this means Siemens will see losses of around $1 billion related to the exit from solar power.
Siemens initially entered the solar market in 2009, with the acquisition of stakes in Solel Solar Systems and Archimede Solar Energy.
The firm’s exit from solar will consequently see it leave the Desertec initiative – a massive regional scheme which has impressive plans to produce up to a fifth of Europe’s power from Middle East renewable power sources by 2050.