German industrial conglomerate Siemens acquires Israel's Solel Solar Systems for $418 million
German industrial conglomerate Siemens AG said Thursday it had acquired Israeli solar power company Solel Solar Systems Ltd for about US $418 million. Munich-based Siemens said the aquisition meant it could strengthen its market position in solar thermal power plants. Solel, based in Beit Shemesh, Israel, is a leading supplier of solar receivers, key components in power plants that use the sun's energy to heat fluid that in turn powers generators.
"After the rapid and highly successful expansion of our wind power business, we now want to continue this success story in the solar sector," Peter Loescher, Siemens chief executive said in a statement.
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