Ingeteam to buy Bonfiglioli's solar inverter operations

Spanish electrical equipment specialist Ingeteam SA said on Tuesday it has entered into an agreement to acquire the solar photovoltaic (PV) inverter business of Italian gearmotors and drive systems maker Bonfiglioli Riduttori.

Among Ingeteam’s solar offerings are residential, commercial and utility scale grid-connected PV inverters, medium voltage power stations and battery inverters for off-grid and grid-connected operation. Its acquisition target, in turn, designs, produces and supplies grid-tie central inverters for solar installations and also offers ongoing support.

The takeover of Bonfiglioli's PV activities will help Ingeteam raise its product sales and beef up its own operation and maintenance (O&M) business in the solar sector. With the acquisition of Bonfiglioli’s 3-GW installed base, the Spanish company will expand its global O&M services business to roughly 9.5 GW.

"This strategic integration will enable us to significantly strengthen our presence in the United States and India, which are two key markets in the PV sector for Ingeteam,” said David Sole, managing director of Ingeteam’s energy division.

On the other hand, the transaction allows Bonfiglioli to focus on its core business, its CEO Tiziano Pacetti commented.

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