The investment includes an option for ABB to acquire remaining interest in Novatec Solar.
ABB said the acquisition complements its existing activities in power plant automation, electrification and long-distance electricity transmission.
Both the companies have also signed an agreement to cooperate on future solar power plant projects.
ABB power systems division head Peter Leupp said that this investment brings ABB closer to solar power based on CSP technology and supports its focus on renewable energies.
Novatec Solar is a provider of linear fresnel concentrated solar power technology using flat mirrors to concentrate the sun’s energy onto a receiver to produce steam, which reduces the need for fossil fuels to generate electricity in existing or new power stations.
