Siemens Buys Israel's Solel for $418 Million

It’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.

Author: Karin Kloosterman

Karin Kloosterman is an award-winning journalist, innovation strategist, and founder of Green Prophet, one of the Middle East’s pioneering sustainability platforms. She has ranked in the Top 10 of Verizon innovation competitions, participated in NASA-linked challenges, and spoken worldwide on climate, food security, and future resilience. With an IoT technology patent, features in Canada’s National Post, and leadership inside teams building next-generation agricultural and planetary systems — including Mars-farming concepts — Karin operates at the intersection of storytelling, science, and systems change. She doesn’t report on the future – she helps design it. Reach out directly to [email protected]