Fresnel technology-based solar thermal power systems provider Solar Power Group has had MAN Ferrostaal raise its stake in the company by approximately 19% to 43.8%. The move is part of MAN Ferrostaal’s belief in the technology and company being able to capture significant business in the future. MAN Ferrostaal is now majority owned by the International Petroleum Investment Co. (IPIC) and expects growth especially in the Middle East.
“We regard our involvement in SPG as a strategic investment and as a cooperation geared towards the future,” noted Dr. Klaus Lesker, member of the MAN Ferrostaal Executive Board and person in charge of the company’s solar and conventional power plant business. “We’re convinced that the Fresnel technology has great potentials. At the current time in particular, increasing our capital investment should be perceived as a positive signal by the market.”
MAN Ferrostaal is also supporting further research and development at SPG as the company has projects in Spain, the U.S. and Libya.