FRANKFURT Nov 4 German engineering conglomerate
Siemens will have to take additional gross writedowns
of more than 250 million euros ($321.13 million) on the solar
business that it is exiting, a German paper reported.
The additional amount is made up of writedowns on the value
of company units, operational losses and writedowns on solar
projects that have already been started, Financial Times
Deutschland reported in a story to be published on Monday,
citing company sources.
In total, the company is booking losses of 800 million euros
on its solar business, which it started in 2009, the paper
Siemens announced last month it was pulling the plug on its
loss-making solar business as part of plans to improve
Siemens was not immediately available for comment.
As part of its plans to quit solar, Siemens is exiting the
Desertec project, which envisages Europe will import up to a
fifth of its electricity from solar and wind parks in North
Africa and the Middle East by 2050.
FTD reported in a separate story also to be published on
Monday that State Grid Corporation of China and First Solar
were considering taking stakes in Desertec.