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Siemens bolsters solar interest with Solel acquisition

15 October 2009

Siemens International has increased its interest in the solar industry with the $418 million (€281 million) acquisition of Solel Solar Systems. Ecofin, a London based investment firm, held a majority stake, of 63 per cent, in the company before the sale.

Ecofin acquired its initial stake in Solel in January 2008 and later exercised an option to increase its holding in the company. Solel is a solar technology company operating in the global concentrated solar power market. The company designs and manufactures solar equipment for solar thermal power plants.

“Siemens and Solel have complementary areas of expertise and will form a powerful combination going forward” said Bernard Lambilliotte, Ecofin’s chief investment officer. “At this stage of the Company’s evolution, Solel will benefit greatly from being part of the Siemens Group.”

The transaction remains subject to the approval of relevant authorities and is expected to close by the end of the year.