Wednesday, 1 October 2014
Last updated 7 min ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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