Establishes Array as Global Leader in Solar Trackers with Leading Positions in North America, Latin America and Europe
Array Technologies (NASDAQ: ARRY) ("Array" or "the Company"), a leading provider of tracker solutions and services for utility-scale solar energy projects, today announced it has completed its previously announced acquisition of Soluciones Técnicas Integrales Norland, S.L. ("STI Norland"), one of Europe's leading manufacturers of solar trackers. The transaction creates the largest solar tracker company in the world with manufacturing capacity and design and engineering resources on three continents, and establishes Array as a leader in the rapidly growing Brazilian solar market.
"The integration of STI Norland into Array's business positions us to accelerate our international expansion and address rising demand for utility-scale solar around the world," said Brad Forth, Chairman of Array. "It will allow us to continue to solidify our relationships with key international customers and create access to a lower cost, proven product. The closing of this transaction marks an exciting milestone in Array's history and supports our mission to deliver value to our customers through innovation in everything we do."
As the leading European manufacturer of solar trackers, STI Norland reported an executed contract and awarded order value of approximately $416 million as of September 30th. The company was founded in 1996 and is headquartered in Pamplona, Spain with manufacturing facilities in both Spain and Brazil. Its dual-row tracker system is well-suited to irregular terrain and regions with low wind and/or snow load requirements. With more than 12 gigawatts of trackers shipped or awarded, STI Norland is a top three manufacturer in Spain and holds the number one market position in Brazil.
"We are thrilled to officially join Array—a solar pioneer—as we focus on providing our customers with industry-leading technology and superior service," said Javier Reclusa, CEO of STI Norland. "Our complementary products and long-standing relationships will enable our combined company to bring a comprehensive offering to the global tracker market, one that provides the lowest lifetime cost of any tracker system and exceptional long-term performance. We look forward to executing on our shared vision, to be the most outstanding and respected company in solar."
"In addition to providing a complementary product and a diversified supply chain, STI Norland brings a talented team who are proven winners," said Jim Fusaro, Chief Executive Officer of Array. "The STI team shares our culture and values, and we are incredibly excited to realize the potential that our combined companies can bring to the solar industry during this pivotal moment of growth and innovation."
Guggenheim Securities, LLC acted as Array's exclusive financial advisor and Kirkland & Ellis acted as Array's legal advisor in connection with the transaction. Lazard acted as exclusive financial advisor and Allen & Overy as legal advisor to STI Norland.
About Array Technologies, Inc.
Array Technologies (NASDAQ: ARRY) is a leading American company and global provider of utility-scale solar tracker technology. Engineered to withstand the harshest conditions on the planet, Array's high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy. Founded and headquartered in the United States, Array relies on its diversified global supply chain and customer-centric approach to deliver, commission and support solar energy developments around the world, lighting the way to a brighter, smarter future for clean energy. For more news and information on Array, please visit arraytechinc.com.