Siemens has purchased Solel Solar Systems, a designer and manufacturer of solar equipment for solar thermal power plants, for approximately $418m (£262m).
Ecofin, a London-based investment firm that specialises in the global utilities, energy and environmental sectors, held a 63 per cent stake in Solel.
Since Ecofin’s acquisition of its stake in January 2008, Solel has expanded its manufacturing base and facilities and trebled its revenues.
It grew its employee base from 300 to 500 and began the construction of a solar thermal power plant in Spain.
‘Siemens and Solel have complementary areas of expertise and will form a powerful combination going forward,’ said Bernard Lambilliotte, Ecofin’s chief investment officer. ‘At this stage of the company’s evolution, Solel will benefit greatly from being part of the Siemens Group.
‘This has been a particularly successful transaction for Ecofin and further demonstrates our ability to identify and invest in renewable-energy companies, to provide them with growth capital and to work together with management to create value for all stakeholders,’ he added.
The transaction remains subject to the approval of relevant authorities and is expected to close by the end of the year.