ABB has announced its agreement to acquire the power electronics division of Gamesa Electric from Siemens Gamesa. This strategic move is aimed at enhancing ABB’s capabilities in the high-power renewable power conversion sector. The acquisition will bolster ABB’s offerings to renewable energy OEMs and end users, aligning with the company’s focus on profitable growth within its Motion business area. Subject to regulatory approvals and customary conditions, the transaction is expected to be finalized in the latter half of 2025. Financial terms remain undisclosed.
The acquisition encompasses Gamesa Electric’s expertise in power conversion technologies, including doubly-fed induction generator (DFIG) wind converters, industrial battery energy storage systems (BESS), and utility-scale solar power inverters. This deal will add over 100 specialized engineers and two manufacturing facilities in Madrid and Valencia to ABB’s portfolio, alongside a global workforce of approximately 400 employees with resources in India, China, the U.S., and Australia.
For the fiscal year ending September 2024, the business reported revenues of €170 million. As per the International Energy Agency, annual renewable energy capacity additions are projected to grow from 666 GW in 2024 to nearly 940 GW by 2030, with solar and wind accounting for 95% of this expansion.
“This acquisition aligns with our strategy to enhance our high-power renewable applications portfolio and drive productivity in a low-carbon world,” said Chris Poynter, President of ABB’s System Drives division. “It strengthens our engineering capabilities for power conversion and grid connections, and positions us to serve a growing installed base while deepening our collaboration with Siemens Gamesa.”
The deal is also expected to add 40 GW to it’s serviceable power conversion installed base, opening new opportunities for modernization and digital solutions. ABB plans to establish a supply and services agreement with Siemens Gamesa as part of the transaction.
ABB, with a legacy spanning over 140 years, is a global leader in electrification and automation. Focused on sustainable solutions, the company combines engineering and digital expertise to improve industrial efficiency and performance worldwide. ABB employs more than 105,000 people globally, with shares listed on the SIX Swiss Exchange and Nasdaq Stockholm.
