TEL AVIV Oct 22 The former chief executive of Israel's Solel Solar Systems, which was acquired by Siemens in 2009 for $418 million, is considering making an offer to buy back the maker of solar thermal power plants.
The German engineering group said on Monday it will sell its solar energy business and is already holding talks with potential buyers as it trims underperforming businesses .
"This is not a good day for the solar energy business," Avi Brenmiller, one of the founders and former CEO of Solel, told Reuters. "The future of solar energy is in its integration with fossil fuel generation."
Brenmiller said his new company, Brenmiller Energy, is doing research and development into hybrid technologies, combining thermal solar energy with natural gas to guarantee a continuous supply of energy to consumers.
(Reporting by Tova Cohen)