Array Technologies buys STI Norland in US$652m deal to create ‘world’s largest tracker company’

Facebook
Twitter
LinkedIn
Reddit
Email
Array said the combined companies will have a dominant market position in all markets outside India and China. Image: Array Technologies

US solar tracker supplier Array Technologies is to acquire Spanish tracker manufacturer Soluciones Técnicas Integrales Norland (STI Norland) in an acquisition that Array said will create “the largest tracker company in the world”.

Under the deal, Array will buy STI Norland for roughly €570 million (US$652 million) in cash (€351 million/US$401 million) and stock, with the transaction expected to close in Q1 2022.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

It comes at the same time as Array reported a larger than expected Q3 loss in its most recent financial results.

“This transaction is an important first step in the expansion strategy that we articulated when we announced our preferred equity investment from Blackstone in August,” said Brad Forth, chairman of Array.

Javier Reclusa, CEO of STI Norland, as well as the rest of the company’s senior management team, will remain with Array following the closing of the transaction and continue to lead STI Norland, the company has said.

The acquisition is particularly beneficial to Array’s Brazilian prospects as STI Norland is a major provider of solar trackers in Brazil, with is increasingly seen as a favourable environment for solar.   

STI Norland sales team will now be able to sell Array’s DuraTrack products, which “have the lowest lifetime cost of any tracker system and exceptional wind and snow load performance,” according to Array.

It also puts Array in a “leading position” in North America, Latin America and Europe, accelerates the company’s expansion plans (the combined company is expected to generate 30% of its revenues from international projects in 2022) and creates opportunities for significant cost reductions through economies of scale, according to a company media release.

“The combination of Array and STI Norland creates the global leader in trackers with leading positions in every major market for solar outside of China and India,” said Forth.

Array also expects STI Norland to be “significantly accretive” to Array’s margins and earnings per share in 2022 “before any synergies”. Based on current market conditions, the backlog, awarded orders and pipelines for both companies, “Array expects that the combined business can generate in excess of US$200 million of Adjusted EBITDA in 2022 before synergies,” it said in media release.

While Array’s shares jumped from US$20.5 to US$22.11 upon the news of the acquisition, they are still down 52% year-to-date and 48% so far this year.

Read Next

September 5, 2025
US solar tracker manufacturer Array Technologies has announced that two of its tracking systems are compatible with 2,000V solar systems.
September 4, 2025
Indian solar manufacturer Waaree Energies has acquired a 64% equity stake in power transformer manufacturing company Kotsons.
September 4, 2025
US tracker manufacturer FTC Solar has launched an automated 80 degree hail stow angle for its flagship 1P Pioneer tracker.
September 3, 2025
LONGi, Jinko Solar, Trina Solar and JA Solar posted combined net losses of nearly RMB11 billion (US$1.54 billion) in H1 2025.
August 31, 2025
Renewables developer and independent power producer (IPP) TagEnergy has acquired Australian developer ACE Power, adding 6GW of renewable energy and storage projects to its portfolio.
August 28, 2025
JinkoSolar has sold 41.8GW of PV modules in the first half of the year, despite growing financial losses for its manufacturing subsidiary.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines