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Siemens buys solar thermal power company Solel Solar Systems Ltd for US$418m

Siemens AG is acquiring the solar thermal power company Solel Solar Systems Ltd for around US$418 million from Ecofin Ltd, a London based investment firm which specialises in the global utilities, energy and environmental sectors.

“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,” says Siemens President and CEO Peter Löscher.

Solel Solar Systems is a supplier of solar receivers for parabolic trough power plants, and posted revenues totalling almost US$90m in the first six months of its current fiscal year.

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, Siemens says.

“Siemens and Solel are a perfect match,” says 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.”

Avi Brenmiller, CEO of Solel Solar Systems , says: “Together, we will … further optimise the water/steam cycle and to further boost the efficiency of solar thermal power plants.”

Until 2020, the market for solar thermal power plants could show annual double-digit growth rates and attain a volume of over €20 billion, according to Siemens. In the future, the primary focal growth regions will be the USA, South Africa, Australia, Spain, India, North Africa and the Middle East.

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Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity

 

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