BERLIN: Siemens AG announced plans to give up its loss-making solar business and concentrate its renewable energy business on wind and hydroelectric power.
The German industrial conglomerate, whose products range from trains to turbines, said Monday it's in talks with possible buyers, but offered no details. It said the move is part of a wider effort to increase its productivity and efficiency.
The solar power industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition, especially by Chinese manufacturers.
Siemens said that "due to the changed framework conditions, lower growth and strong price pressure in the solar markets, the company's expectations for its solar energy activities have not been met."
Several German solar manufacturers, including Q-Cells SE and Solar Millennium AG, have filed for insolvency over the past year. Another German company in the solar market, SMA AG, announced last week that it will slash up to 1,000 jobs — about a fifth of its global workforce — amid falling revenues and a possible annual loss in 2013 due to the growing price pressures.
Last month, the European Union launched an anti-dumping probe into Chinese solar panels after an industry association claimed the products were being exported for less than the cost of making them.
The US government introduced steep tariffs on Chinese solar panels earlier this year, with the Commerce Department saying China's government is subsidizing companies that are flooding the U.S. market with low-cost products — a tactic known as "dumping."
Siemens, based in Munich, said it will keep on offering equipment for use in solar power plants such as turbines and generators.
The company's solar and hydroelectric division has some 680 employees — far fewer than its wind power business, which has more than 7,000. Overall, Siemens has some 360,000 employees worldwide.
Siemens shares edged up 0.2 percent to 78.43 euros in Frankfurt trading, roughly in line with the market's overall performance.
Siemens to give up solar energy business
Siemens to give up solar energy business
ITC Infotech accelerates Vision 2030 through digital hub in Riyadh
ITC Infotech’s commitment to delivering real digital change in the Middle East is reinforced by strengthening collaboration and working more closely with customers on the ground. The establishment of its Digital and AI Engineering Hub in Riyadh brings superior digital engineering and AI skills closer to businesses, allowing for speedier collaboration, localized innovation, and solutions targeted to regional needs. This strategic expansion aligns with Saudi Arabia’s Vision 2030 and underscores ITC Infotech’s long-standing emphasis on partnership-led growth and customer-centric innovation.
The hub was officially inaugurated on Jan. 15 by Sanjiv Puri, chairman and managing director of ITC Ltd. This facility is designed to help enterprises leverage advanced technologies and convert digital ambitions into measurable business outcomes. This move aligns closely with Saudi Arabia’s efforts to build a knowledge-driven economy powered by innovation and technology.
Saudi Arabia’s digital leap
Vision 2030 is more than just economic diversification; it is a clear blueprint for creating a technologically advanced society. This vision is centered on the integration of artificial intelligence and digital engineering, which are transforming industries and enabling long-term, sustainable growth. The strategic importance of AI is clear, with the Saudi Data and AI Authority estimating that it may add $135 billion to the Kingdom’s GDP by 2030. This commitment is supported by significant investments, including $14.9 billion announced at LEAP 2025 to advance digital infrastructure, talent, and next-generation technologies, as well as historic projects like the $2.7 billion Hexagon Data Center in Riyadh. Together, these efforts are laying the foundation for a secure, resilient, and future-ready digital ecosystem that can support AI adoption, data-driven governance, and smart city development at scale.
What the hub offers
ITC Infotech’s Riyadh hub is designed to fuel this momentum by focusing on three core areas:
- AI-powered platforms: Delivering predictive analytics, intelligent automation, and data-driven insights to help businesses transition from reactive operations to proactive strategies.
- Digital engineering solutions: Leveraging Industry 4.0-driven smart manufacturing capabilities, integrating AI-led modeling, connected systems, and advanced analytics to optimize production performance, improve asset utilization, and proactively reduce operational and quality risks across the engineering lifecycle.
- Cloud-native architectures: Building agile, secure, and resilient ecosystems that enable faster innovation and seamless integration across enterprise systems.
These capabilities are designed to enable organizations to innovate, scale, and compete in a rapidly evolving digital economy. Beyond technology, the hub is fundamentally anchored in building a team of the region, from the region, for the region and for global impact. Through structured skill-building programs, deep partnerships with academia, systematic knowledge transfer, and immersive, hands-on delivery models, the hub is creating a future-ready Saudi workforce fully aligned with Vision 2030 and capable of serving both national and international priorities.
Driving enterprise transformation
The ITC Infotech hub aims to enable transformation rather than simply deploy technology. By driving AI adoption, accelerating digital engineering, and building cloud-native ecosystems, ITC Infotech seeks to help businesses:
- develop new business models to meet evolving market needs.
- improve operational efficiency through predictive insights and automation.
- support sustainability goals by optimizing resources and reducing risks.
- build a skilled local workforce capable of leading future innovations.
These outcomes support enterprises as they transition to more resilient, data-driven, and digitally mature operating models.
The road ahead
ITC Infotech is a wholly owned subsidiary of ITC Limited, one of India’s largest conglomerates, with over 25 years of experience as a trusted technology services partner to enterprises globally. The company focuses on next-generation enterprise transformation, delivering services across infrastructure and application modernization, cloud, cybersecurity, digital engineering, and AI-led innovation.
As Saudi Arabia continues its digital journey, ITC Infotech’s combination of global expertise, strong local presence, and collaborative delivery model positions it as a long-term partner in advancing Vision 2030. ITC Infotech’s hub in Riyadh reflects this commitment, bringing advanced capabilities closer to customers, investing in local talent, and enabling enterprises to adopt AI at scale as they compete in an increasingly digital world.
