The Abrams Clean Tech Report

 

Ecofin Invests $105 Million in Solel

Sunday, February 3rd, 2008

Source: Clean Edge News

Ecofin, a London based investment manager, has invested $105 million in shares of Solel Solar Systems Limited, through a combination of subscription for new equity and secondary share purchases. Solel will be undertaking an additional round of capital raising, following which Ecofin will hold a very significant minority stake in the company.

Solel specialises in the design, manufacture and installation of solar fields and critical solar field components for large scale power generation. Solel is the world’s largest solar thermal company with over 20 years experience in the sector. It specialises in the commercially proven technology – parabolic troughs which have been operational since 1985 in the Mojave Desert. These nine solar energy generating system (SEGS) plants produce 354MW of clean, renewable electricity per annum using Solel equipment and technology. They supply the needs of half a million consumers and eliminate the need for 2 million barrels of oil a year.

Solel is currently in the process of constructing 150MW of solar thermal plants in Spain. Research and development carried out by Solel’s team of engineers has improved the output of the solar thermal field by more than 40% compared to the original SEGS plants. In addition, Solel has signed a power purchase agreement with the Pacific Gas & Electric company to supply a solar thermal power field of 553MW in California and is in discussions with a number of other utilities about similar projects.

Solel employs approximately 300 staff and its headquarters and R&D centre are based in Bet Shemesh, Israel. It has subsidiary offices in Spain and the United States.

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