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ABB formally offloads solar inverter unit

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

March 2 (Renewables Now) - Swiss group ABB Ltd (SWX:ABBN) on Monday said it has closed the sale of its solar photovoltaic (PV) inverter business to Italian sector player Fimer SpA.

The transaction, first announced in July, makes it possible for ABB's Electrification business to become more competitive and to focus on other growth markets, while also presenting the solar inverter business with more business opportunities as part of Fimer.

The solar inverter unit, which has manufacturing and R&D facilities in Italy, India and Finland, includes the solar inverter operations of Power-One, which was purchased by ABB through its discrete automation and motion division in 2013.

"ABB will continue to integrate solar power into a range of solutions for smart buildings, energy storage and electric vehicle charging," ABB Electrification business president Tarak Mehta commented.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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