US solar tracker supplier Array Technologies has completed its previously announced acquisition of Spanish tracker manufacturer Soluciones Técnicas Integrales Norland, S.L. (STI Norland).
Array bought a 100% stake in STI for roughly US$652 million (US$401 million in cash and 13.9 million shares of Array common stock). The deal was expected to close this quarter in a move that Array said makes it the “largest solar tracker company in the world” when based on 2020 order bookings.
Array explained how the purchase confers several benefits, including strengthening its supply chain networks, expanding its customer based into key markets such as Brazil and Europe, access to new markets in the Middle East and Africa and the development of local supply chains.
Shortly after the acquisition was announced, PV Tech Premium sat down with Array CMO Erica Brinker who explained how the purchase has opened up access to new markets that have been difficult for Array to penetrate because of supply chain issues and local content requirements as well as discussing the company’s international growth strategy.
“It’s been no secret that we’ve been trying to expand more internationally,” Brink said, “our mix previous to this acquisition was about 90% North America and 10% rest of world.”
“So, it’s really complimentary from a geography perspective when you think about STI’s business, which is about 95% rest of world,” she noted.
The full interview can be read via this link.