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ABB buys solar inverter maker Power-One

Posted: 23 Apr 2013     Print Version  Bookmark and Share

Keywords:solar photovoltaic inverters  emerging markets  acquisition 

Swiss engineering company ABB is buying the U.S.-based solar equipment maker Power-One Inc. for approximately Rs.5,376.34 crore ($1 billion).

"The transaction would position ABB as a leading global supplier of solar photovoltaic inverters to a market forecast to grow by more than 10 per cent per year until 2021," ABB said.

The rapid growth is being driven by rising energy demand, especially in emerging markets, rising electricity prices and declining costs, the company said.

"The combination of Power-One and ABB is fully in line with our 2015 strategy and would create a global player with the scale to compete successfully and create value for customers, employees and shareholders," ABB CEO Joe Hogan said.

Power-One is a provider of renewable energy and power conversion and power management solution. It also has a power solutions portfolio that is adjacent to ABB's power conversion business. Power-One employs almost 3,300 people, mainly in China, Italy, the US and Slovakia.

ABB's portfolio in power and automation, global footprint and service organisation make it a natural player in solar PV. For many years ABB has brought its solutions to the solar PV industry and is on track to generate sales of more than Rs.537.63 crore ($100 million) in solar inverters in 2013.

Solar inverters are one of the fastest-developing technologies in power electronics, requiring substantial research and development (R&D) resources. In 2012, ABB invested about Rs.8,064.52 crore ($1.5 billion) in R&D overall.

The transaction is expected to close in the second half of 2013. ABB will finance the transaction out of its own funds.





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