US solar racking manufacturer Unirac has secured a recapitalisation investment led by private equity firm Greenbelt Capital Partners.
Albuquerque-based Unirac said the investment will support its pursuit of new product development and supply chain resiliency.
The company designs and manufactures PV mounting solutions for the residential and commercial and industrial (C&I) markets. It was acquired by private equity firm Tenex Capital Management in 2016.
Tenex Capital Management, along with key members of Unirac’s management team, will continue to own a significant stake in the business.
Unirac said the adoption of residential and C&I solar has been underpinned by strong tailwinds, including changing consumer preferences, the decreasing cost of solar and the recently passed Inflation Reduction Act, which provides a 10-year investment tax credit (ITC) extension.
“The energy landscape is rapidly evolving as residential and C&I property owners rethink patterns of consumption and strive to gain energy resilience and independence,” said Sam Graham, principal at Greenbelt Capital Partners.
“Following the Inflation Reduction Act’s extension of the ITC, we expect to see accelerated adoption of rooftop solar, which will help further bolster Unirac’s market position.”