Solar Giants Finalize Joint Venture

Two of the world’s largest energy companies have reached agreement to merge their solar energy operations.

MUNICH, Germany – Siemens Solar GmbH and Shell Renewables Ltd regard this co-operation as key for growth, necessary to execute their ambitious targets for solar-energy. Subject to relevant regulatory approvals and consultations, the joint venture, ‘Siemens & Shell Solar GmbH, will begin operation in April of this year. The agreement follows negotiations between the two companies that was announced in December. Initially, Shell will contribute its German solar businesses and a considerable cash injection into the joint venture, in exchange for shares The shareholders in this joint venture will be Siemens A.G. (34 percent), E.ON Energie AG (33 percent), and Shell (33 percent). Before the end of next year, Shell will contribute its remaining business. The joint venture will be managed by Gernot Oswald, the current managing director of Siemens Solar, and Philippe de Renzy Martin, COO of Shell Solar. “This co-operation shows Shell’s commitment to make solar energy work,” says de Renzy Martin. “As a leading and experienced energy company, we are convinced that the best way to make solar energy a major part of the energy mix is to make it a commercial success.” “Bundling of the complementary strengths of the partners will improve our potential to grow even faster and to expedite the worldwide implementation of solar energy,” adds Oswald. Siemens Solar is a joint venture of Siemens and E.ON Energie. It sells solar products in 90 countries and employs 600 people. Shell Renewables is involved in the manufacturing and marketing of solar photovoltaic cells, modules, systems and services. It has manufacturing facilities in Germany, the Netherlands, India and Japan, while sales and marketing operations have been established in Germany, the Netherlands, India, Sri Lanka, the Philippines and South Africa.

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