Array Technologies to acquire STI Norland

US solar tracker company Array Technologies, Inc. announced that it has entered into a definitive agreement to acquire Spanish Soluciones Técnicas Integrales Norland, S.L. (STI Norland), manufacturer of PV trackers and fixed-tilt structures. According to the company, it has completed or been awarded tracker systems for more than 400 projects globally, representing over 12 GW of generation capacity. Under the terms of the agreement, Array will acquire STI Norland for €351 million in cash ($407 million) and 13.9 million shares of Array common stock. The transaction is expected to close in the first quarter of 2022.
»The combination of Array and STI Norland creates the global leader in trackers with leading positions in every major market for solar outside of China and India,« expects Brad Forth, Chairman of Array. Furthermore, it makes Array »a leader in the rapidly growing Brazilian solar market,« where STI Norland has a local manufacturing presence and supply chain.
The company is expected to derive approximately 30 percent of its revenues from international projects in 2022. »Based on current market conditions and the backlog, awarded orders and sales pipeline for both companies,« Array expects that the combined business can generate in excess of $200 million of adjusted EBITDA in 2022. Array plans to provide detailed guidance for 2022 in connection with the company’s fourth quarter earnings release in March 2022.

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