As of 1 October, Siemens (ETR:SIE) will realign its renewables business into two independent units, announced the Erlangen-based company. The existing Renewable Energy Division shall be divided into two new divisions, Wind Power and Solar & Hydro. “We want to continue our success story in wind power business and establish the basis for further growth,” said Michael Suess, CEO of the Siemens Energy Sector. Siemens also intends to bundle its solar and hydro power business activities in a new division Solar & Hydro. “We’re separating solar and wind power because these two markets are at very different stages of development. In the new unit Solar & Hydro we’ll be moving forward with research and development in the field of solar power to further increase our competitiveness. Read More
