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Array Technologies announced, this Thursday (11), an agreement to acquire STI Norland for approximately €570 million (US$ 652 million). The transaction is expected to close in the first quarter of 2022.
Javier Reclusa, CEO of STI Norland, as well as the rest of the company's senior management team, will remain with Array after the deal closes and will continue to lead the solar tracker maker.
“This transaction is an important first step in the expansion strategy we articulated when we announced our investment in Blackstone preferred shares in August. The combination of Array and STI Norland creates the global leader in trackers with leading positions in all major solar markets outside of China and India,” said Brad Forth, president of Array.
“STI Norland brings to Array a proven product line that is ideal for complementary markets, which will help accelerate our international expansion plans. The increased scale of the combined company also provides opportunities for significant cost reduction as we drive higher volumes with our suppliers and achieve greater leverage on our fixed costs,” he highlighted.
“We look forward to welcoming STI Norland employees to Array. Both STI and Array are rooted in founder-operated, innovation-driven businesses. Together, I believe we have the technology, culture and resources to build a truly global business that can create tremendous value for our customers, employees and shareholders,” added Jim Fusaro, CEO of Array.
Javier Reclusa also added that the entire company team is excited about the union and the opportunities that the combination of the two companies will open. “We have great respect for Array, its technology and management and I look forward to working closely with Brad and Jim to support their ambitious expansion plans.”
Transaction Highlights
According to the companies, the combined businesses will have leading positions in North America, Latin America and Europe, the three largest solar energy markets outside of China.
In Brazil, for example, nearly 10 GW of utility-scale solar power is expected to be installed in Brazil in 2022 and 2023, according to industry analysts, with more than 90% of these projects using trackers.
By leveraging STI Norland's existing sales infrastructure and relationships, Array said it will be able to accelerate its expansion plans into international markets. The combined company is expected to derive around 30% of its revenues from international projects in 2022.
Furthermore, following the closing of the transaction, Array intends to initiate several company-wide cost reduction plans, which will include evaluating additional supplier discounts that may be available in combination of purchase volumes.
About Array Technologies
Array Technologies is a global provider of utility-scale solar tracker technology. Founded and headquartered in the United States, it relies on its customer-centric global supply chain to deliver, commission and support solar PV developments.
About STI Norland
Headquartered in Pamplona, Spain, STI Norland has leading positions in the Iberian Peninsula and Latin America, including the Brazilian solar market. The company has completed or received tracking systems for more than 400 projects worldwide, representing more than 12 GW of generating capacity.
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