Nextracker begins spin-out process after US$500m stock sale

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
A Nextracker team visiting a site in Spain. Image: Nextracker.

Nextracker is to be spun out from parent company Flex after it secured a US$500 million equity sale, valuing the business at around US$3 billion.

Manufacturing group Flex had been assessing its options regarding the tracker manufacturer for some time, having previously filed documents paving the way for a prospective initial public offering (IPO).

Nextracker will now begin its spin-out process from Flex after the parent group agreed to sell US$500 million of convertible preferred equity to the climate investment arm of investor TPG Rise.

As part of the deal, Flex and Nextracker have entered into a separate agreement which will see the latter transition to become a separate business. Flex said it will report Nextracker as a separate operating segment in the future.

A potential IPO does, however, remain on the table for Nextracker, with Flex CEO Revathi Advaithi stressing the company would “evaluate the right time to do a transaction”. TPG’s stake in Nextracker is to convert into common equity of the business when a qualified offering takes place.

As part of the stock sale, TPG vice chair Jonathan Coslet and TPG Rise business unit partner Steven Mandel will join the Nextracker board.

TPG Rise brings with it experience of investing in renewable energy businesses, having financed and launched developer Matrix Renewables and invested in energy storage business Form Energy.

More to follow…

14 June 2022
Join us in Napa to unlock the key to reliable PV module supply to the U.S. market in 2022 & 2023. We'll also be gathering the main players in the US solar market for some wine tasting!

Read Next

May 20, 2022
US solar tracker manufacturer Nextracker has expanded its output with the addition of a new line in Arizona.
PV Tech Premium
May 19, 2022
PV Tech speaks to Qcells CEO Justin Lee about the manufacturer's recent solar manufacturing capacity expansion, its use of TOPCon as a 'stepping stone' to future cell technologies and its new clean energy strategy.
May 16, 2022
The world added record amounts of renewable energy last year with 295GW of capacity deployed, up 6% year-on-year, despite supply chain constraints, project delays and high commodity prices, according to the International Energy Agency (IEA), which also expects nearly 320GW to be deployed this year.  
May 13, 2022
Retail giant IKEA has partnered with US residential solar installer SunPower to offer home PV solutions in the US.
May 11, 2022
Canadian module manufacturer Heliene has seen unprecedented demand for its modules following the US Department of Commerce’s (DOC) decision to investigate alleged anti-dumping and circumvention (AD/CVD) by solar manufacturers in Thailand, Vietnam, Malaysia and Cambodia, which continues to spread chaos across the US solar sector.
May 11, 2022
solar tracker manufacturer FTC Solar has withdrawn its guidance for the year and warned of material uncertainties caused by the US AD/CVD investigation.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA