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 and publisher that founded Green Prophet to unite a prosperous Middle East. She shows through her work that positive, inspiring dialogue creates action that impacts people, business and planet. She has published in thought-leading newspapers and magazines globally, owns an IoT tech chip patent, and is part of teams that build world-changing products to make agriculture and our planet more sustainable. Reach out directly to [email protected]
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