Siemens to acquire of Solel Solar Systems for about $418 million

According to the Press Release, “Siemens AG is to acquire the solar thermal power company Solel Solar Systems Ltd. To date, the majority stake has been held by Ecofin Ltd., a London-based investment firm, and another major shareholder. “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 has a workforce of over 500 and is one of the world´s two leading suppliers of solar receivers, which are 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 purchase price is about $418 million (currently equivalent to around €284 million *). The transaction is subject to approval by the responsible authorities. It is anticipated that the closing will take place before the end of this calendar year.”

Source: Press Release