Siemens to invest in solar business expansion - report

Sep 21, 2011 - German engineering group Siemens (ETR:SIE) plans to significantly expand its solar activities with investments in its renewable energy unit, daily Boersen Zeitung reported today citing Siemens’ energy division head Michael Suess.

A clear signal of Siemens commitment to the solar business is the newly established unit, Solar & Hydro, Suess told Financial Times Deutschland.

Currently, the solar business does not have significant economic impact on the company, as it is estimated to book annual revenue of some EUR 150 million (USD 205.4m), daily Handelsblatt added. By comparison the wind power unit posted revenue of some EUR 3 billion in 2010.

Suess is optimistic about the performance of the energy sector as a whole and does not expect any significant slump there, Boersen Zeitung said.

(EUR 1.0 = USD 1.369)

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