Siemens will buy Israel’s Solel Solar Systems as it forges ahead with plans to expand its solar thermal power plants.
The two companies sealed the $418m deal in Germany.
Siemens won a tender process, which included international giants Alstom, Mitsubishi, General Electric and Ariva.
This is Siemens’s second solar power buy in Israel. Two months ago the company bought 40% of Arava Power for $15m.