Ingeteam has reached an agreement to take over the solar PV business of Italy-based company Bonfiglioli Riduttori. Ingeteam says the deal will strengthen its international positioning in the solar sector, particularly in India and the U.S., while allowing Bonfiglioli to focus on its core business.
Ingeteam has more than 16 years of experience in the PV sector, where it has supplied 5 GW of power at a global level, firmly establishing the company’s position as a leading operations and maintenance (O&M) services provider. Ingeteam also manufactures a wide range of solutions for the solar sector, offering residential, commercial and utility-scale grid-connected PV inverters, as well as medium-voltage power stations and battery inverters for off-grid and grid-connected operation.
Bonfiglioli specializes in gears, drive and industrial automation systems for various applications. Active in the solar industry since 2008, the company has designed, manufactured and supplied grid-tie central inverters for solar installations and provided ongoing support throughout the installation life cycle. Based on this agreement, Ingeteam will take over Bonfiglioli’s solar business, including the O&M activities.
Through this operation, Ingeteam says it has secured access to a sizable PV project pipeline and increased its O&M services business by adding Bonfiglioli’s 3 GW to its 6.5 GW of installed capacity under maintenance globally.
“Ingeteam is strongly committed to increase its renewable presence worldwide and the management team continues to seek additional opportunities to accelerate growth,” says 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,” explains Bonfiglioli Corporate CEO Tiziano Pacetti.
“The solar business has been an incredible catalyst in the past decade, and the decision of disposing was difficult, but in order to preserve the solar business success, a strong and large partner in the renewable power conversion sector was needed and we are certain Ingeteam is as such,” adds Bonfiglioli Business CEO Fausto Carboni.