TerraSmart's TerraTrack system installed at a utility-scale solar farm in the US. Image: TerraSmart.
US-based renewables components manufacturer Gibraltar Industries has clinched a US$220 million deal to acquire solar racking provider TerraSmart.
Nasdaq-listed Gibraltar said the deal, announced today (4 January 2021), would strengthen its position as the largest turnkey provider for the domestic US solar energy market, providing it with a broad portfolio of solutions spanning ground-mounts, trackers and design software solutions.
Furthermore, Gibraltar said the acquisition would help scale the company to a US$700 million platform over the next five years, enhance the business unit’s revenue growth and boost its overall margins.
TerraSmart provides fixed-tilt and single axis tracker mounting systems under the GLIDE and TerraTrak brands, and has more than ten years’ experience in the US solar market. Gibraltar said the business was on track to post record revenues and earnings in 2020, amounting to in the ranges of US$150 – 155 million and US$26 – 28 million respectively.
Meanwhile, Gibraltar also announced the acquisition of solar system design software provider Sunfig for US$3.75 million in cash.
Bill Bosway, chief executive officer and president at Gibraltar, said adding to the two businesses to its solar unit would “significantly” increase its domestic presence.
“Equally important, this continued investment demonstrates our ongoing commitment to making solar energy the best choice in energy production,” he added.
Gibraltar has historically looked to grow both organically and through M&A activity, having acquired balance of system products provider SolarBOS in August 2018.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.