Siemens Announces Major Solar Acquisition

Bought Solel Solar Systems which is one of the world's top two suppliers of solar receivers

Siemens announced on Oct. 15 it had purchased of Solel Solar Systems, a maker of panels used in power plants harnessing the Sun's rays to generate electricity.

The company paid $418 million for Israel-based Solel.

Solel is one of the world's top two suppliers of solar receivers and also plans and constructs vast "solar fields," posting sales of close to $90 million in the first half of 2009.

"After the rapid and highly successful expansion of our wind power business, we now want to continue this success story in the solar sector," the company said.

Interest in renewable emergies has soared in recent years as countries diversify away from fossil fuels in an attempt to reduce the harmful carbon dioxide emissions that cause global warming.

Copyright Agence France-Presse, 2009

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