Swedish-Swiss multinational conglomerate ABB said it has signed an agreement to acquire Gamesa Electric's power electronics business in Spain from Siemens Gamesa,
The financial terms of the transaction were not disclosed. The deal is expected to strengthen ABB's position and help it expand in the growing market for high-power renewable energy conversion technology.
“The acquisition will significantly expand ABB’s existing power conversion product and service offering to renewables OEMs and end users, with new portfolio and engineering assets that will support the profitable growth strategy of ABB’s Motion business area,” ABB said in a statement. “The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the second half of 2025.”
The deal focuses on electrical products for energy conversion, including double-fed induction generator (DFIG) wind converters, industrial battery energy storage systems (BESS), and commercial-scale solar inverters. It also includes the transfer of more than 100 engineers and two Spanish converter factories in Madrid and Valencia, along with around 400 employees across India, China, the United States, and Australia.
Gamesa Electric’s power electronics business generated revenues of about €170 million ($178.3 million) for the fiscal year ending Sept. 30, 2024, after increasing revenues by 48% in 2023, according to ABB.
The acquisition will expand ABB’s installed base by adding 40 GW of power conversion capacity and provide access to new service, modernization, and repowering opportunities. ABB also plans to sign a supply and services agreement with Siemens Gamesa.
ABB previously sold its power electronics business to Italian manufacturer Fimer in 2020, which took over ABB's plants in Finland, India, and Italy, as well as its 800 employees in 26 countries. Fimer, which shipped over 7 GW of inverters that year, was acquired by the McLaren Applied Group in late November 2024, following restructuring efforts.
