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Back You are here: Home Renewables Solar Concentrating Solar Power Siemens strengthens solar thermal business

Concentrating Solar Power

Siemens strengthens solar thermal business

Siemens has acquired Solel which designs and builds solar fields using parabolic trough technology. Photo by Solel Solar Systems Ltd.

Siemens has acquired solar thermal power company Solel Solar Systems for about $418 million, strengthening the solar energy business of Europe’s largest conglomerate.

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“After the rapid and highly successful expansion of our wind power business, we now want to continue this success story in the solar sector,” said Peter Loscher, Siemens’ president and chief executive.

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Solel Solar Systems is one of the world’s two leading suppliers of solar receivers – key components for the emerging technology of parabolic trough solar power plants. These solar thermal plants use thermal energy from the sun to boil a special liquid whose steam runs electric generators.

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With the acquisition of Solel, Mr. Loscher said Siemens can now strengthen its market position in the business segment which he described as “promising.”

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“We can thus further expand our extensive environmental portfolio – and, as already announced, we will become even greener,” he said.

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Solel, which also develops and builds solar fields for large scale power generation, posted revenue totaling almost $90 million in the first six months of its current fiscal year which ended on June 30, 2009.

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Products and solutions for solar thermal power plants are part of the Siemens environmental portfolio, through which the company posted revenues of nearly 19 billion euros ($28 billion) in fiscal year 2008.

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The figure represents about a quarter of Siemens’ total sales – making Siemens the world’s leading provider of eco-friendly technologies.

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