The Spanish companies Grupo Clavijo and MFV Solar, with the support of the Q-Growth Fund, have reached a merger agreement to form NCLAVE. The combined entity will aim to become a world leader in the design, manufacture and installation of structures and trackers for the solar photovoltaic market.
NCLAVE now has more than 10 years of experience, during which it has installed over 2 GW in 40 countries; and it is scheduled to install 600 MW in the coming months. It currently has offices and production centers on five continents, making it a global company.
Grupo Clavijo, with its headquarters in Viana, Spain, has been active in Latin America, the U.S., and in the MENA region and has production plants and offices in Chile, the U.S., Brazil and Australia. In turn, MFV Solar, with its headquarters in Valencia, Spain, has a long track record with installations in various countries in Europe, Latin America and Asian.
“The merger with MFV Solar is a strategic step that strengthens our companies’ international standing in the structures and solar trackers sector. Furthermore, with the support of Q-Growth, we are taking a major step toward making the most advanced solar tracking technology available to developers, EPC contractors and installers worldwide,” says Miguel Clavijo, CEO of Grupo Clavijo.
Q-Growth is an investment vehicle of fund management company Qualitas Equity Partners.
“Photovoltaic solar energy has reached the point where it can compete with conventional energy sources. This means that there will be strong global growth in the sector in the coming years. Our goal is to help create a global leader that is able to harness the growth opportunities existing in the sector,” remarks Borja Oyarzabal, a partner at Q-Growth.
Ron Corio, CEO of New Mexico-based solar tracker manufacturer Array Technologies Inc., has also chimed in on what this new merger signifies.
“Solar tracking technologies have quickly moved from a ‘nice to have’ feature to a core technology that drives the overall success of a utility-scale PV installation,” says Corio. “The merger between Grupo Clavijo and MFV Solar is a classic effect of market maturation – consolidation within the industry. With 28 years of strong growth in the industry under our belt, Array Technologies is pleased to see more and more signs of the increasing global demand for solar trackers.”