Ingeteam takes over Bonfiglioli's PV business

PV plant in Italy equipped with Ingeteam inverters (Photo: Ingeteam)
PV plant in Italy equipped with Ingeteam inverters (Photo: Ingeteam)

The Spanish PV inverter specialist Ingeteam has announced an agreement with Bonfiglioli Riduttori to take over the solar PV business of the Italy-based company. Ingeteam wants to strengthen its position in the global PV market regarding the product sales as well as the operation and maintenance business, particularly in India and the United States. For Bonfiglioli, the transaction allows the company to continue focusing on its core business.

Ingeteam manufactures residential, commercial and utility scale grid-connected inverters, as well as medium voltage power stations and battery inverters for off-grid and grid-connected operation. Bonfiglioli designs, manufactures and supplies grid-tied central inverters for solar installations and provides ongoing support throughout the entire installation lifecycle. Based on the agreement, Ingeteam takes over Bonfiglioli's solar business, including the operation and maintenance activities.

According to the company, Ingeteam has secured access to a sizable PV project pipeline and increased its operation and maintenance services business by adding Bonfiglioli’s 3 GW to its 6.5 GW of installed capacity under maintenance globally.

"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", affirmed David Solé, Managing Director of Ingeteam’s Energy Division.  “Ingeteam is strongly committed to increase its renewable presence worldwide and the management team continues to seek additional opportunities to accelerate growth”, said Javier Coloma, CEO at Ingeteam Power Technology.

“Exiting the solar business is part of the strategic plan to focus on our core business and we saw in Ingeteam the right partner to take it to the next level”, said Tiziano Pacetti, CEO Corporate at Bonfiglioli.  As Ingeteam reports, Greentech Capital Advisors acted as exclusive financial advisor, and LGA – Lucchini, Gattamorta e Associati as legal advisor to Bonfiglioli.

Ralf Ossenbrink / Ingeteam

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