Inside Ingeteam's acquisition of Bonfiglioli's solar business


Spain’s Ingeteam, a specialist in inverter and MV power station solutions for the solar industry, last week purchased the solar PV business arm of Italian firm Bonfiglioli for an undisclosed amount.

The deal will see Ingeteam bolster its portfolio of installed central inverters globally, growing from 6.5 GW installed to more than 8.5 GW, leading to a broader operations and maintenance (O&M) portfolio for the company.

Ingeteam will also take charge of a ‘sizable PV project pipeline’, the company said.

At the time of the deal, Ingeteam energy division MD David Solé said: "This strategic integration will enable us to significantly strengthen our presence in the U.S. and India, which are two key markets in the PV sector for Ingeteam."

Tiziano Pacetti, CEO corporate at Bonfiglioi, added that the company identified Ingeteam as the right partner to "take the solar business to the next level", revealing that the company had been planning on exiting solar as part of its strategic plan.

With these two points in mind, pv magazine spoke with Ingeteam’s marketing representative Carlos Lezana at the recent Intersolar Europe exhibition in Munich for further insight into the deal.

"Upon hearing that Bonfiglioli were to be leaving the solar business for various reasons, we knew that the company had a strong presence in the U.S. and India, so for Ingeteam it seemed like a good opportunity to take over their business," Lezana said.

"For them, they were looking for a company that was able to provide the levels of service, spare parts supply and quality product that their customers had become accustomed to. They were very concerned about their customers’ needs, and so for both companies it was a good fit."

Ingeteam, Lezana added, is able to offer similar levels of service, support and quality that Bonfiglioli central inverter customers expect, while for Ingeteam the deal bolsters its O&M portfolio globally.

"Bonfiglioli’s strong presence in the markets of India and the U.S. made the company particularly attractive to us," revealed Lezana. "We will hopefully be able to call upon the experience and expertise of some Bonfiglioli sales and service staff in those markets. These staff are local and experienced, so it is a good opportunity for Ingeteam to learn from them."

Lezana told pv magazine that not all staff in these two locations will necessarily be retained; some will transfer to Ingeteam while others are likely to remain with Bonfiglioli in other parts of the business. "This is still to be determined."

The acquisition augments Ingeteam’s global reach to more than 120 companies and 1,000 employees working solely in service duties, Lezana stressed. "The solar business began in Europe, and companies here are the most experienced in the world. This means that quality and reliability are our strengths. Across Europe, maintaining high standards in the products and services provided is the main goal – and that is Ingeteam’s main goal."