Siemens Grows Equity Stake in Italian CSP Developer
Siemens, the German industrial conglomerate, said earlier this week that it was increasing its equity stake in Archimede Solar to 45 percent from 28 percent. Archimede is a joint venture with Angelantoni Industries that develops receivers for Italian CSP solar power plants. Financial terms of the transactions were not disclosed.
The J.V. plans to use the fresh bath of capital to accelerate the setup of a solar receiver production line in Massa Martana, in central Italy’s Umbria region. Early next year the plant is expected to produce 75,000 solar receivers annually and 140,000 annually by 2012.
The Archimede plant has a commercial contract to supply up to 1,500 solar receivers to the Priolo Garallo Concentrated Solar Power (CSP), which is currently under construction in Sicily.
CSP produces electricity by capturing solar heat to drive steam turbines or reciprocating engines that spin electric generators. Because of its large wind business, Siemens controls a portfolio of turbine technology that it wants to expand into solar applications.
The Munich-based company is betting on greentech to generate?a growing share of its overall revenues. According to industry Web site Alarm: Clock, Siemens, whose green investments focus on the wind sector, estimates that the solar thermal power plant market will experience double digit annual growth up over the next five years and could reach $12.3 billion by 2015.