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Siemens pulls plug on last solar energy business

Analysis

German industrial conglomerate Siemens is shutting down the last of its solar energy businesses after it failed to find a buyer, the company said on Monday. Confirming a report in German newspaper Handelsblatt, a spokesman for Siemens said the group would close Solel by early next year. The Israeli business has accumulated losses of around €1 billion ($1.33 billion) since Siemens bought it in 2009, including a write-off of the entire purchase price. Siemens has spent seven months trying to sell Solel, which makes components used in solar-thermal power stations.

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