London-based utilities and energy investor Ecofin has sold its stake in equipment manufacturer Solel Solar Systems to electronics giant Siemens.

London-based utilities and energy investor Ecofin has sold its stake in equipment manufacturer Solel Solar Systems to electronics giant Siemens.
    
Solel is being acquired for some US$418 million (£257 million), with Ecofin divesting its 63 per cent stake in the company. The transaction is expected to close by the end of the year.

Bernard Lambilliotte, Ecofin’s chief investment officer, says, ‘Siemens and Solel have complementary areas of expertise and will form a powerful combination going forward.’

Ecofin first invested in Solel in January 2008 and later increased its holding in the company, which designs and manufactures equipment for solar thermal power plants.