Germany's Siemens announces major solar acquisition

16th October 2009, Comments 1 comment

The German industrial giant said it was buying Israel-based Solel from current majority owners, British-based investment firm Ecofin, and another unnamed shareholder.

Berlin -- German conglomerate Siemens announced a major acquisition Thursday with the purchase of Solel Solar Systems, a maker of panels used in power plants harnessing the Sun's rays to generate electricity.

The German industrial giant said it was buying Israel-based Solel for 418 million dollars from current majority owners, British-based investment firm Ecofin and another unnamed shareholder.

Solel is one of the world's top two suppliers of solar receivers and also plans and constructs vast "solar fields," posting sales of close to 90 million dollars in the first half of 2009, Siemens said.

"After the rapid and highly successful expansion of our wind power business, we now want to continue this success story in the solar sector," the German firm said in a statement.

Interest in renewable energies has soared in recent years as countries diversify away from fossil fuels in an attempt to reduce the harmful carbon dioxide emissions that cause global warming.

AFP/Expatica

1 Comment To This Article

  • Truth Seeker posted:

    on 8th November 2009, 17:16:48 - Reply

    How can an Israeli company sell out to a German company that collaborated with the Nazis and failed to pay for the slave labor that they used? How can they sell out to a corrupt company that in 2008 had to pay $1.6B to the SEC to settle corruption charges? What the heck is the matter with Israel to allow this outrage!