“It brings together two market and technology leaders to create a standardized and scalable solution for all floating offshore wind power requirements. “We are accelerating the delivery of a market-ready floating substation offering and solution via this unique collaboration,” says Paul de la Guérivière, Chief Executive Officer of BW Ideol. Both companies have worked closely together for several years to co-create a standardized and modular solution that addresses market requirements and the unique demands of operating in the most challenging environmental and seabed conditions. Hitachi ABB Power Grids will provide modular, scalable, compact substation packages for installation on BW Ideol’s shallow-draft floating platforms. The power is transmitted by cable from each wind turbine to the offshore substation where it is stepped up to a higher voltage and transferred safely and reliably to the onshore power grid. Substations are an essential part of offshore wind farm infrastructure. Installed capacity of floating offshore wind installations is forecast to grow from 66 MW in 2019 to at least 6.2 GW in 2030 as more and more countries in Europe, Asia and North America are expected to develop deep-water wind resources. ABB used the proceeds to fund organic growth and reward shareholders through share buybacks.BW Ideol today announced it has signed a memorandum of understanding with Hitachi ABB Power Grids, the world’s leading supplier of grid integration and power quality solutions, for an industry-first collaboration on developing scalable floating substations to support development of profitable commercial-scale floating offshore wind farms with high-capacity wind turbines.įloating offshore wind is the next frontier in offshore wind power. In November 2021, the company divested its Mechanical Power Transmission division (Dodge) for $2.9 billion.

The spin-off helps the company focus on growing global megatrends in electrification and automation. As part of its portfolio management strategy, in October 2022, ABB completed the spin-off of its turbocharging unit, Accelleron. The company will be able to focus more on key market trends and customer needs of electrification of transport and industry, automated manufacturing, digital solutions and increased sustainable productivity.

ABB held a pre-defined option to exit the remaining stake by 2023.Īccording to the release, the divestment helps ABB focus entirely on industrial customers. The Hitachi Energy joint venture (formerly Hitachi ABB Power Grids) was formed in 2020 following ABB’s divestment of 80.1% of its Power Grids business to Hitachi. According to the press release, ABB has realized a net positive cash inflow of approximately $1.425 billion in the fourth quarter of 2022 as part of the divestment. ABB completed its previously announced divestiture of the remaining 19.9% stake in Hitachi Energy joint venture to Hitachi, Ltd.

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