Siemens AG has announced that they are set to acquire the solar thermal power company Solel Solar Systems Ltd. To date, the majority stake has been held by Ecofin Ltd, a London-based investment firm, and another major shareholder.

Solel Solar Systems has a workforce of over 500 and posted revenue totaling almost USD 90 million in the first six months of its current fiscal year (1 January to 30 June 2009).

The purchase price is about USD 284 million. The transaction is subject to approval by the responsible authorities. It is anticipated that the closing will take place before the end of this calendar year. Siemens is the market leader in steam turbines for solar thermal power plants -the part that is responsible for power generation. Solel boasts high-efficiency receiver technology and expertise in the engineering and construction of solar fields.