Gamesa Electric’s solar inverter and storage business breaks records in 2023 and account for 44% of power systems business revenues

  • Activated megawatts tripled and revenues grew by 48%.
  • Record volume in the USA, which consolidates its position as the main market.

After 2022, which saw a boom in Gamesa Electric’s inverter business, 2023 continued the upward trend with record figures both in terms of installations and contracts signed and activated. In fact, inverter sales accounted for 44% of the power systems business unit’s total revenues in 2023.

Specifically, during FY2023, the volume of activated megawatts tripled (+202%) compared to FY2022. In terms of installations, growth was 40%, with projects in 11 countries, including the USA, Spain, Italy, India and Australia, the latter being a strategic market where Gamesa Electric has commissioned 2 projects in 2023. All this increase in activity has translated into a 48% rise in revenues compared to 2022.

In the words of Juan Barandiaran, CEO of Gamesa Electric, “The strong growth of our inverter business unit is thanks to the combination of the fact that we are in a volume market and that the quality of our product is highly valued by our customers“. On the keys to achieving this success, Barandiaran adds “beyond a very competitive range of products such as the Proteus inverter series, I would like to highlight the Gamesa Electric team that has been able not only to maintain what was achieved in 2022, but also to improve it substantially“.

The Gamesa Electric Proteus product range continues to grow and improve. During 2023 the main novelty has been the development of Proteus PCS-E, the battery inverter that works at 1500V and is an ideal product for large energy storage installations.

The USA is undoubtedly our main market thanks to the great boost that the Inflation Reduction Act has given to the market, but we have also grown in other countries such as Spain, Italy and India, among others“, says Jose Luis Gutierrez, Gamesa Electric’s global sales director. As for 2024, Gutierrez expects that “the trend of strong market growth will continue, especially in storage, where our Proteus PCS-E product can make a difference“.

All in all, it has been another successful year for Gamesa Electric, with strong demand for its products, expansion into new markets and broadening its customer base. The challenges ahead, such as the agreement signed at the recent COP28 to triple renewables by 2030, make us optimistic for the future, where competitive and quality solutions for solar, storage and hydrogen deployment such as those offered by Gamesa Electric will be more necessary than ever.