Siemens Chief Executive Joe Kaeser would prefer to have only a minority stake in the venture.
“The situation on the global market for fossil power plant technology remains unchanged. Siemens began tackling these challenges back in early 2015,” a company spokesman said.
The business has suffered from a move away from large gas turbines toward renewable energy sources which has triggered a collapse in demand, while overcapacity in the industry has caused fierce price competition.
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