Siemens Buys Israel's Solel for $418 Million

solel solar energy siemensIt’s getting really hot over here in the Middle East – at least when it comes to solar energy investing and buying. Siemens, reports Haaretz today, just bought Israel’s solar energy company Solel yesterday for a scorching hot price tag of $418 million USD.

The news between Siemens and Solel was already bubbling back in July, Green Prophet reports. And just this week General Electric (GE) announced its B round financing of SolarEdge, another Israeli solar energy company.

The Solel purchase will expand Siemens’ business with solar thermal power plants, according to the paper:

“We aim to be the global market leader in the solar thermal sector,” Siemens Chief Executive Peter Loescher said during a conference call. It was broadcast live and available through the Siemens’ website.

The company’s name will most likely be changed to Siemens-Solel, and Siemens is willing to continue using the manufacturing plant here in Bet Shemesh, for five years. However, after this period, the Israeli office is expected to concentrate mostly on research and development. 

Solel has 400 employees in Israel and 100 in Spain. 

Read more on Solel here, and link to the Haaretz article. Or at the Financial Times.

The Financial Times says:

Siemens is part of a consortium – called Desertec – that aims to supply up to 15 per cent of Europe’s energy needs by 2050 through thermal and other renewable energy plants in the deserts of North Africa and the Middle East.

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