MAN Ferrostaal, a provider of industrial services in plant construction and engineering, has increased its share in the Solar Power Group (SPG) by 19 percent. The company now holds 43.8 percent in SPG.

With this investment, MAN Ferrostaal has extended its support for further research and development at SPG, a company which develops and constructs components for solar power plants based on the Fresnel technology.

In the past, the two companies have jointly worked on a solar thermal power plant with Fresnel reflectors in Almería, Spain.

Currently, SPG is completing projects in Spain, the U.S. and Libya.

The latest capital investment by MAN Ferrostaal follows Abu Dhabi’s International Petroleum Investment Company (IPIC) finalising its plans to acquire 70 percent of the shares in the company (MAN now holds 30 percent stake in MAN Ferrostaal). Post this deal, the countries of the Middle East are now increasingly coming into focus for future SPG activities.

Read more: MAN Ferrostaal, Solar Power Group