Solar PV solutions provider Nextpower has entered into a definitive agreement to acquire the power conversion assets of Spain-based Zigor Corporation and its US subsidiary, Apex Power, in a transaction valued at approximately US$80.5 million.
The company said the acquisition would expand its product portfolio and capabilities in utility-scale solar power conversion and support a move into battery energy storage and data centra markets.
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The deal includes US$46 million payable at closing and up to US$34.5 million in potential earnouts. Nextpower plans an additional US$50 million investment in growth initiatives related to the acquisition, including accelerating its power conversion market entry and scaling US manufacturing capacity.
Production is expected to begin ramping up in 2027, Nextpower confirmed.
The acquisition encompasses modular, field-deployed inverter technology suitable for utility-scale solar, battery energy storage systems (BESS) and data centre applications. The product portfolio covers 1,500V systems for new installations, 600V and 1,000V configurations for repowering projects, and is designed to accommodate 2,000V applications. The modular skid design can be configured to a maximum capacity of 5.2 MVA.
Dan Shugar, founder and CEO of Nextpower, said the acquisition responds to customer demand for integrated power conversion solutions.
“We will be in market with products for solar, storage, and data centres, and building out US manufacturing as quickly as is prudent,” Shugar said. “Initial customer demand is promising, and we look forward to welcoming the legacy Apex Power and Zigor team members to Nextpower once the transaction closes.”
The move represents the next phase of Nextpower’s platform expansion strategy, which began with its rebranding from Nextracker in November 2025 to reflect its evolution from a pure-play tracker supplier to an integrated energy solutions provider.
At that time, the company indicated it would launch utility-scale power conversion systems in 2026. In its fourth-quarter 2025 shareholder letter, Nextpower touted the move into power conversion as the next major phase in its evolution and said it had begun testing products on its new power conversion line.
The company has described power conversion as offering a “meaningful opportunity to improve system efficiency, reliability, serviceability, and cybersecurity” across solar and BESS applications.
Integrating inverter technology with Nextpower’s existing tracker, electrical balance of systems (eBOS), and digital platform is intended to reduce procurement complexity and enable faster project deployment.
The transaction is subject to foreign direct investment approval by the Spanish government and other customary closing conditions.
Once approved, the acquired assets will be integrated into Nextpower’s operations within its power-electronics platform, while Zigor will continue to operate its remaining business independently.
Full-year financials
Nextpower revealed details of the power conversion deal as it published its results for the fiscal year 2026 ending on 31 March.
The company reported full-year revenue of US$3.56 billion, a 20% year-on-year increase. Its cumulative global tracker shipments surpassed 160GW in the last financial year, including 50GW of its NX Horizon-XTR terrain-following trackers.
Nextpower reported Q4 FY26 GAAP gross profit of US$881 million, compared with US$924 million reported in the same quarter last year and US$909 million in Q3 FY26.
In Q4 FY26, Nextpower’s GAAP net income reached US$151 million, an increase from US$131 million reported in Q3 FY26, but a small drop from the US$158 million recorded in Q4 FY25. Its Q4 FY26, Q3 FY26, and Q4 FY25 results included approximately US$47 million, US$53 million and US$67 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates and tariffs, net.
The company said it had increased bookings for new products and bundles in Q4 2026. Highlights noted by the company included increased adoption of its foundations, electrical balance of systems (eBOS), and robotics equipment quarter over quarter, record quarterly eBOS bookings, including bookings of over 100MW for its new NX PowerMerge trunk bus connector and record quarterly and annual revenue from its TrueCapture system.
“Fiscal 2026 marked a defining inflection point for Nextpower as we accelerated our evolution from the solar tracker leader over the last decade to an integrated utility-scale energy technology platform,” said Shugar. “Our core tracker business remains very strong, supported by one of the highest booking quarters in our history and expanding market leadership. We are now seeing clear, measurable traction around our platform strategy, reflected in rising adoption across eBOS, foundations, and robotics solutions, early success in bundled deployments, and growing demand for new products such as NX PowerMerge.”
Looking ahead, Nextpower has updated its outlook for FY2027 from US$3.6-3.8 billion to US$3.8-4.1 billion. This updated guidance includes planned incremental costs of approximately US$50 million related to the acceleration of Nextpower’s entry into the power conversion market, the company said.
