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ABB has signed an agreement to acquire the power electronics business of Gamesa Electric from Siemens Gamesa, aiming to enhance its presence in the renewable power conversion market. This strategic move is expected to significantly expand ABB’s range of products and services for renewable energy original equipment manufacturers (OEMs) and end users. The integration will bolster ABB's Motion business area and is anticipated to close in the second half of 2025, pending regulatory approvals.
The power electronics segment reported revenues of approximately €170 million for the fiscal year ending September 2024 and includes critical products such as wind converters, battery energy storage systems, and solar inverters. The acquisition aligns with ABB's ambition to grow its portfolio and deepen its engineering capabilities in high-power renewable applications, capitalizing on the increasing demand for renewable energy solutions expected to account for nearly half of global electricity generation by 2030. This development presents a positive outlook for ABB's growth trajectory in the renewable sector.