Ingeteam has reached an agreement with Bonfiglioli Riduttori to take over its solar PV business.
Through this operation, Ingeteam has secured access to a sizable PV project pipeline and increased its operation and maintenance services business by adding Bonfiglioli's 3GW to its 6.5GW 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. "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", added Fausto Carboni, CEO Business at Bonfiglioli.
Greentech Capital Advisors acted as exclusive financial advisor, and LGA – Lucchini, Gattamorta e Associati as legal advisor to Bonfiglioli.
