Acquisition complements ABB’s renewable power conversion portfolio adding significant market reach.

Zürich, Switzerland, December 2024 – ABB has announced it has signed an agreement to acquire the power electronics business of Gamesa Electric in Spain from Siemens Gamesa to strengthen ABB’s position in the growing market for high-powered renewable power 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. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the second half of 2025. Financial terms were not disclosed.

The offering ABB is acquiring is focused on electrical products for power conversion, and includes Doubly-fed induction generator (DFIG) wind converters, industrial battery energy storage system (BESS) and utility-scale solar power inverters. The transaction will complement ABB’s expertise with over 100 highly specialised engineers and two Spanish converter factories in Madrid and Valencia, for a total workforce of around 400 employees, including key resources in India, China, United States and Australia. The power electronics business of Gamesa Electric reported revenues of around 170 million euros for the fiscal year that ended on September 30th, 2024.

The International Energy Agency1 estimates that global renewable capacity additions will continue to increase every year, reaching almost 940 GW annually by 2030 from 666 GW in 2024, based on existing policies and market conditions. Solar PV and wind together are expected to account for 95 percent of all renewable capacity growth through the end of this decade.

“This targeted acquisition is in line with our commitments to grow our portfolio for high power renewable applications and support productivity in a low-carbon world. It will expand our engineering depth for power conversion and grid connection, and will add significant opportunity to service a large installed base,” said Chris Poynter, President of ABB’s System Drives division. “With the acquisition of this business we will be much better positioned to capitalise on the expansion of the power conversion market for renewables while building on our relationship with Siemens Gamesa as a key customer.”

The acquisition also aims to increase ABB’s serviceable power conversion installed base with the addition of around 40 GW, leveraging ABB’s global organisation to access new service, modernisation and repower opportunities. The deep domain expertise of the Gamesa Electric team will also help increase the scope of ABB’s digital offering. In addition, ABB plans to enter into a supply and services agreement with Siemens Gamesa. 

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