ABB has completed the acquisition of Gamesa Electric’s power electronics division in Spain from Siemens Gamesa. The deal, valued at around €145m ($168.4m), includes wind converters, battery energy storage systems, and inverters for solar projects. ABB gains nearly 400 employees and two manufacturing facilities as part of the transaction.

With the purchase, ABB’s wind converter installed base is expected to increase by 46GW. Gamesa Electric brings over 40 years of experience in power electronics for renewable energy applications. The International Energy Agency predicts a 60% rise in electricity generation from renewables, reaching 16,200TWh by 2030.

Renewables are set to surpass coal as the primary global electricity source by the end of this year or mid-2026. Solar photovoltaic is projected to drive over half of this growth, with wind energy contributing around 30%. ABB, a global company with 110,000+ employees, is listed on the SIX Swiss Exchange and Nasdaq Stockholm.

Read more at Yahoo Finance: ABB concludes purchase of Gamesa Electric’s power electronics unit