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-performance renewable energy conversion technology.
“The acquisition will significantly expand ABB’s existing energy conversion product and service offering to renewable energy OEMs and end-users, with new portfolio and technical resources 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 wind inverters with dual-fed induction generators (DFIG), 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 approximately 400 employees in India, China, the United States and Australia.
Gamesa Electric’s power electronics division generated revenue of about €170 million ($178.3 million) for the fiscal year ended September 30, 2024, after growing 48% in sales in 2023, ABB said.
The acquisition will expand ABB’s installed base by adding 40 GW of power conversion capacity and providing access to new service delivery, modernization and repowering capabilities. ABB also plans to sign a supply and services agreement with Siemens Gamesa.
ABB previously sold its power electronics business in 2020 to Italian manufacturer Fimer, which acquired ABB’s factories in Finland, India and Italy, as well as its 800 employees in 26 countries. Fimer, which shipped more than 7 GW of inverters that year, was acquired by the McLaren Applied Group in late November 2024, following restructuring efforts.
