ABB Expands Renewable Power Portfolio with Acquisition of Gamesa Electric Business
ABB, the Swiss technology leader, announced an agreement to acquire the power electronics business of Gamesa Electric, part of Siemens Gamesa, to strengthen its position in renewable power conversion technology. The acquisition includes specialized offerings such as Doubly-fed induction generator (DFIG) wind converters, industrial battery energy storage systems (BESS), and utility-scale solar inverters.
The acquisition will integrate two Spanish converter factories in Madrid and Valencia and bring onboard 400 employees, including 100 engineers. The acquired business, with operations in India, China, the US, and Australia, reported €170 million in revenue for fiscal 2024. The transaction is expected to close in late 2025, pending regulatory approvals.
By adding approximately 40 GW to its serviceable installed base, ABB aims to enhance modernization and service opportunities for renewable installations. The company also plans to leverage its Motion business area to capitalize on the growing demand for renewable power solutions. According to the International Energy Agency, global renewable capacity additions are projected to grow annually, reaching 940 GW by 2030, with solar PV and wind driving 95% of this growth.
"This acquisition aligns with our strategy to advance low-carbon solutions and expands our engineering capabilities in power conversion and grid connection," said Chris Poynter, President of ABB's System Drives division.
The move underscores ABB's commitment to driving sustainable energy solutions and solidifies its relationship with Siemens Gamesa through a new supply and services agreement.
