Siemens Buys Solel Solar

15 October 2009 (Last Updated October 15th, 2009 18:30)

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 an

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.