Siemens Bows Out of Solar, Announces Renewed Focus on Wind and Hydro Power

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Citing slow growth, low profit and high cost, Siemens AG announced that it would be selling its solar energy business as part of a larger strategy to reorganize the company's overall stake in renewable energy. According to Bloomberg, Siemens also plans to end its involvement in DESERTEC, a joint venture it entered into in late 2011, which would build an immense network of solar farms in the Sahara desert.

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