- Press Releases
January 14 (Renewables Now) - US solar tracker maker Array Technologies Inc (NASDAQ:ARRY) has finalised the acquisition of Spanish peer Soluciones Tecnicas Integrales Norland SL (STI Norland), it announced this week.
The move is said to have created “largest solar tracker company in the world”, and enables Array to grow internationally and access the Brazilian market, where STI Norland has a factory and the number one market position.
Array was to buy the Spanish manufacturer for around USD 570 million (EUR 498.4m) in cash and stock, according to the company's announcement in November when it unveiled its acquisition plan. As part of the arrangement, STI Norland CEO Javier Reclusa and other members of the senior management would continue to lead the firm under Array’s umbrella.
“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,” Brad Forth, Chairman of Array, said in a statement. “It will allow us to continue to solidify our relationships with key international customers and create access to a lower cost, proven product.”
STI Norland was founded in Pamplona, northern Spain, in 1996. It is one of Europe’s leading solar tracker manufacturers, with a track record that includes over 12 GW of trackers shipped or awarded, according to the new owner.
(USD 1.0 = EUR 0.874)