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SOLAR

Siemens snaps up solar energy firm

German conglomerate Siemens on Thursday announced the purchase of Solel Solar Systems, a maker of panels used in power plants harnessing the sun's rays to generate electricity.

Published: 15 October 2009 11:05 CEST
Siemens snaps up solar energy firm
Photo: DPA

The German industrial giant said it was buying Israel-based Solel for $418 million (€281 million) from current majority owners, British-based investment firm Ecofin and another unnamed shareholder.

Solel is one of the world’s top two suppliers of solar receivers and also plans and constructs vast “solar fields,” posting sales of close to $90 million in the first half of 2009, Siemens said.

“After the rapid and highly successful expansion of our wind power business, we now want to continue this success story in the solar sector,” Siemens said in a statement.

Interest in renewable energy has soared in recent years as countries diversify away from fossil fuels in an attempt to reduce the harmful carbon dioxide emissions that cause global warming.

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BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

Published: 16 February 2024 10:45 CET
France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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