Siemens International buys Solel Solar Systems for $418m
15th October 2009
Siemens International Holding has agreed to purchase Solel Solar Systems for approximately $418m in a deal that is expected to close by the end of the year.
London-based energy investment firm Ecofin is selling its 63 per cent stake, alongside remaining stakeholders.
Global solar technology manufacturer Solel designs and manufactures equipment for solar thermal power plants. Ecofin acquired its initial stake in Solel in January 2008 and exercised an option to increase its holding in the company. Credit Suisse acted on behalf of Ecofin and other stakeholders in the sale process.
Since Ecofin acquired its initial stake in Solel, the solar company’s employee base increased from 300 to 500 and it began the construction of a solar thermal power plant in Spain.
Bernard Lambilliotte, Ecofin’s CIO, said, ‘Siemens and Solel have complementary areas of expertise and will form a powerful combination going forward.
‘At this stage of the company’s evolution, Solel will benefit greatly from being part of the Siemens Group.’
Ecofin manage $3bn worth of accounts for institutional investors and four separately incorporated investment funds. The firm specialises in the global utilities, energy and environmental sectors, with offices in London, New York, Hong Kong and Geneva.
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