The investment includes an option for ABB to acquire the remaining stake in Novatec Solar.
The companies have also agreed to cooperate on future solar power projects.
ABB said that this investment complements its existing activities in power plant automation, electrification and long-distance electricity transmission.
Novatec Solar provides linear fresnel concentrated solar power (CSP) technology that uses flat mirrors to concentrate the sun’s energy onto a receiver to produce steam for generating electricity.
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.
