Siemens AG plans to purchase 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.
Solel Solar Systems has a workforce of over 500 and is one of the world's two leading suppliers of solar receivers – key components of parabolic-trough power plants, Siemens notes. The purchase price is about $418 million, and the transaction is subject to approval by the responsible authorities.
Siemens anticipates that the closing will take place before the end of the year.
SOURCE: Siemens AG