ZURICH (dpa-AFX) - ABB Ltd. (ABBN.SW, ABBNY), a Swiss technology company, on Tuesday announced that it has completed the acquisition of Gamesa Electric's power electronics business in Spain from Siemens Gamesa for undisclosed terms.
The company has also entered into a supply and services agreement with Siemens Gamesa.
The business generated about 145 million euros in revenue for the fiscal year ended September 30.
The acquisition adds power conversion products, including wind converters for doubly-fed induction generators, industrial battery energy storage systems, and utility-scale solar inverters.
The transaction brings approximately 400 employees across India, China, the United States and Australia, along with two converter factories in Madrid and Valencia.
The deal increases the total capacity of the company's serviceable installed base of wind converters by roughly 46 gigawatts and supports the Motion business area's profitable growth strategy.
Renewable electricity generation is forecast by the International Energy Agency to rise about 60% from 9,900 TWh in 2024 to 16,200 TWh in 2030, with renewables expected to overtake coal as the largest global power source by late 2025 or mid-2026.
Solar PV is expected to drive more than half of the increase, followed by wind at around 30%.
The deal was first announced on December 18, 2024, when the company agreed to acquire the power electronics business of Gamesa Electric. The financial details of the deal have not been disclosed. The transaction was expected to close in the second half of 2025.
On Monday, ABB closed trading 0.87% lesser at CHF 57.22 on the Swiss Stock Exchange.
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