Valmont acquires majority stake in Italian PV tracker company Convert Italia

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Headquartered in Rome, Convert Italia also boasts offices in Brazil and Argentina and has completed tracker projects in Europe, Latin America and Africa. Image: Convert

Valmont Industries has acquired a majority ownership in Convert Italia SpA, a designer and provider of engineered solar tracker solutions.

Headquartered in Rome, Convert Italia also boasts offices in Brazil and Argentina and has completed tracker projects in Europe, Latin America and Africa.

Stephen G. Kaniewski, president and CEO of Valmont, said: “The partnership with Convert Italia is an exciting advancement of our strategy to grow market adjacencies in our Utility Support Structures business. Combining their single access tracker technology with our global manufacturing capabilities and utility customer base, allows us to provide an integrated solar tracker solution to utility-scale customers around the world.”

Giuseppe Moro, chief executive officer of Convert Italia, said: “The opportunity to partner with Valmont as an industry leader in the utility market has energized the Convert Italia team. Valmont's global footprint and strong relationships with utility customers support our leadership position in providing renewable energy solutions.”

Valmont expects the deal to be slightly EPS accretive in fiscal 2018, and expects EPS accretion of approximately US$0.10 in fiscal 2019.

Convert Italia is just the latest PV tracker company to be acquired over the past few months, as Trina Solar completed the purchase of Spanish company Nclave back in May.

Read Next

May 27, 2022
The CEO of US solar and energy storage developer Borrego has said the company’s project development business will be less capital constrained under the new ownership of investment firm ECP, following a deal announced earlier this week to spin off and sell the unit.
May 26, 2022
US solar and energy storage developer Borrego will spin off and sell its development business, including its more than 8.4GW PV project pipeline, to investment firm ECP.
April 26, 2022
Indian solar glass manufacturer Borosil Renewables is acquiring European peer the Interfloat Group in a deal it said will enable a more efficient supply of PV glass to customers in Europe.
April 19, 2022
Solar EPC company iSun more than doubled its revenue year-on-year in 2021, driven in part by the execution of its commercial and industrial (C&I) PV project backlog.
April 19, 2022
Total corporate funding of solar fell by 7% year-on-year to US$7.5 billion in Q1 2022, with Mercom Capital warning of “significant headwinds” that could slow momentum considerably.
March 28, 2022
Nextracker has been selected to supply its smart solar trackers and TrueCapture technology for the first phase of a 450MW PV project in Sudair, Saudi Arabia, which Nextracker said was the country’s largest solar plant currently under construction.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas