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Siemens has bought Solel Solar Systems, a specialist in equipment for solar thermal power plants, for US$418m.

Solel has benefited in recent years from a cash injection from Ecofin, a London-based investment firm which specialises in the global utilities, energy and environmental sectors. Ecofin, on behalf of its funds, owns a 63% stake in Solel.

Ecofin acquired its initial stake in Solel in January 2008 and later exercised an option to increase its holding in the company. Since Ecofin鈥檚 acquisition of its stake, Solel has significantly expanded its manufacturing base and facilities and trebled its revenues. It grew its employee base from 300 to 500 and began the construction of a solar thermal power plant in Spain.

鈥淪iemens and Solel have complementary areas of expertise and will form a powerful combination going forward,鈥� said Bernard Lambilliotte, Ecofin鈥檚 chief investment officer. 鈥淎t this stage of the Company鈥檚 evolution, Solel will benefit greatly from being part of the Siemens Group."

The transaction remains subject to the approval of relevant authorities and is expected to close by the end of the year.