Siemens has continued to expand its stake in the solar thermal sector with a $418 million agreement to buy Israel’s Solel Solar Systems, Ltd. This new deal with Solel comes just three months after Siemens announced its preliminary efforts to obtain 20 percent of Israel’s Arava Power Company.
Siemens Chief Executive, Peter Loescher, explained that with this new acquisition in the solar thermal sector the company is furthering its aim “to be the global market leader in the thermal sector.” Siemens is part of the Desertec Industrial Initiative, which has the potential to supply up to 15 percent of Europe’s energy needs by 2050.
The company expects the deal with Solel Solar to close by the end of 2009.