Array Technologies, a provider of tracker solutions and services for utility-scale solar energy projects, has completed its previously announced acquisition of Soluciones Técnicas Integrales Norland S.L. (STI Norland), a European manufacturer of solar trackers.
“The integration of STI Norland into Array’s business positions us to accelerate our international expansion and address rising demand for utility-scale solar around the world,” says Brad Forth, chairman of Array. “It will allow us to continue to solidify our relationships with key international customers and create access to a lower cost, proven product. The closing of this transaction marks an exciting milestone in Array’s history and supports our mission to deliver value to our customers through innovation in everything we do.”
STI Norland reported an executed contract and awarded order value of approximately $416 million as of September 30. The company was founded in 1996 and is headquartered in Pamplona, Spain with manufacturing facilities in both Spain and Brazil. Its dual-row tracker system is well-suited to irregular terrain and regions with low wind and/or snow load requirements. STI Norland has had more than 12 GW of trackers shipped or awarded.
“We are thrilled to officially join Array – a solar pioneer – as we focus on providing our customers with industry-leading technology and superior service,” adds Javier Reclusa, CEO of STI Norland. “Our complementary products and long-standing relationships will enable our combined company to bring a comprehensive offering to the global tracker market, one that provides the lowest lifetime cost of any tracker system and exceptional long-term performance.”
“In addition to providing a complementary product and a diversified supply chain, STI Norland brings a talented team who are proven winners,” comments Jim Fusaro, CEO of Array. “The STI team shares our culture and values, and we are incredibly excited to realize the potential that our combined companies can bring to the solar industry during this pivotal moment of growth and innovation.”
Guggenheim Securities, LLC acted as Array’s exclusive financial advisor and Kirkland & Ellis acted as Array’s legal advisor in connection with the transaction. Lazard acted as exclusive financial advisor and Allen & Overy as legal advisor to STI Norland.