Shell Renewables Completes Acquisition of Siemens Solar

Shell Renewables announced earlier this week, that they have completed the acquisition of all the shares held by Siemens AG and E.ON Energie AG in the former solar photovoltaic (PV) joint venture Siemens and Shell Solar GmBH. Regulatory approval for closing the transaction has already been received.

AMSTERDAM, Sweden - April 29, 2002 [] "I am delighted that we have concluded this deal today. We now combine state-of-the-art manufacturing facilities in Europe and North America with sales organizations on all continents," said Philippe de Renzy-Martin, Executive Vice President of Shell Solar. "We are in a very strong position to build a sustainable, commercially successful PV business." Shell Solar, which is now the fourth largest PV company in the world, has operations in both research & development and manufacturing and employs around 1100 people. The deal reaffirms the Royal Dutch/Shell Group's commitment to Renewable Energy including solar, wind, hydrogen and geothermal. The group announced last year that it would invest US$500 million to US$1 billion over the next five years, subject to ongoing economic review, primarily in solar and wind energy. Headquartered in Amsterdam, Shell Solar has PV manufacturing facilities with a total yearly capacity of approximately 60 MW of solar panels. The company has supplied solar cells and modules with a peak power of almost 250 MW. This represents around one fifth of total solar power installed worldwide. In April 2001 a joint venture company was formed, merging all of Siemens Solar with Shell's solar business in Germany to create Siemens und Shell Solar GmbH. The shareholdings established were 33 percent Shell, 33 percent E.On and 34 percent Siemens. At that time it was also announced that Shell would contribute all of its remaining solar business before the end of 2002 and that Shell would have the option to become the largest shareholder. With this acquisition, Shell has taken over 100 percent of the company, renaming it Shell Solar.

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