Siemens Pays $418M for Solel Solar Systems

Oct 26 2009 | 9:51am ET

Siemens AG will strengthen its position in the solar thermal market, paying about $481 million to the London-based investment firm Ecofin Ltd and another major shareholder for a majority stake in Solel Solar Systems Ltd.

“After the rapid and highly successful expansion of our wind power business, we now want to continue this success story in the solar sector. With the acquisition of Solel, Siemens can now strengthen its market position in the promising business of solar thermal power plants. We can thus further expand our extensive environmental portfolio – and, as already announced, we will become even greener,” said Siemens President and CEO Peter Löscher.

Solel Solar Systems employs a staff of over 500 and is one of the world’s two leading suppliers of solar receivers, key components of so-called parabolic trough power plants. The high-growth company, which posted revenue totaling almost $90 million in the first six months of its current fiscal year (January 1 to June 30, 2009), is also a leader in the planning and construction of solar fields.

The transaction is subject to approval by the responsible authorities, and is expected to be completed by the end of 2009.

Solel has decades of experience in the development and manufacture of solar field equipment and the planning and construction of solar fields. Since 2006, Solel has also been present on the Spanish market, supplying key components for 15 solar thermal power plants with a combined capacity of 750 megawatts. In addition, the company is also active on the important U.S. market.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of