October 15, 2009
Munich,
Germany: Siemens to Acquire Solel Solar for $418M
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.
Solel
is a successful company in the future-oriented solar power sector,
with 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.
“Siemens
and Solel are a perfect match,” said René Umlauft, CEO of Siemens’
Renewable Energy Division. “We are the market leader in steam
turbines for solar thermal power plants and, with the power block,
we can offer a key part for solar power plants – the part that
is responsible for power generation. Solel boasts high-efficiency
receiver technology and comprehensive expertise in the engineering
and construction of solar fields. In the future, we’ll be able
to offer the key components for the construction of parabolic
trough power plants from a single source and to further enhance
the efficiency of these plants.”
“Together,
we will utilize our know-how in these core competencies to further
optimize the water/steam cycle and to further boost the efficiency
of solar thermal power plants. Thus we can accelerate the use
of this clean technology,” said Avi Brenmiller, CEO of Solel Solar
Systems. “Combined with Siemens’ financial strength and its global
sales and marketing activities, this will open up promising prospects
for our business and hence also for all of Solel’s employees.”
Further details about: Siemens
and Solel Solar Systems
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