ABB India Acquires Gamesa Electric's Power Electronics Business

ABB India has finalized an agreement to acquire the power electronics business of Gamesa Electric in Spain, a division of Siemens Gamesa. This strategic move enhances ABB’s capabilities in high-powered renewable power conversion technology.

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The acquisition broadens ABB’s portfolio, particularly for renewable energy original equipment manufacturers (OEMs) and end-users. The deal includes critical electrical products like Doubly-fed Induction Generator (DFIG) wind converters, industrial battery energy storage systems (BESS), and utility-scale solar inverters. It also transfers two converter factories in Madrid and Valencia and integrates over 400 employees, including highly specialized engineers located in India, China, the U.S., and Australia, into ABB's global workforce.

For the fiscal year ending September 30, 2024, Gamesa Electric's power electronics business generated revenues of approximately €170 million. ABB will also gain an additional 40 GW of serviceable power conversion capacity, enabling the company to tap into modernization and repowering opportunities. This aligns with global renewable energy trends highlighted by the International Energy Agency, which predicts annual renewable capacity additions will grow from 666 GW in 2024 to nearly 940 GW by 2030, driven primarily by solar PV and wind.

The acquisition further deepens ABB's expertise in digital solutions and strengthens its relationship with Siemens Gamesa through a supply and services agreement. Chris Poynter, President of ABB's System Drives division, emphasized the significance of the deal:
“This targeted acquisition aligns with our goals to expand our high-power renewable applications portfolio and support low-carbon productivity. It enhances our engineering capabilities and positions us to capitalize on growth in the power conversion market.”

ABB, a global leader in technology, operates in electrification, process automation, motion (drives and motors), and robotics & discrete automation. The company reported a net profit of ₹440.47 crore in Q3 CY24, reflecting a 21.68% year-on-year growth, alongside a 5.16% increase in total revenue to ₹2,912.16 crore.

This acquisition underscores ABB's commitment to driving innovation and supporting the renewable energy transition.