Siemens to close down its solar division

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German engineering giant Siemens AG has decided to close its solar power division after failing to find a buyer.

Citing sources close to the company, the newspaper said the company would shut down production and close the division. Siemens will complete current ongoing projects, however, and continue to fulfill any warranty obligations, according to a company spokesperson, although further requests for details by pv magazine remained unanswered.

The move will result in the loss of 280 jobs, according to German newspaper Handelsblatt, most of them in Israel, where the Munich-based group operates its solar thermal subsidiary Solel Solar Systems.

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