Navarran solar structures company bought out for €600m

Navarran solar structures company bought out for €600m by American firm

Navarran company STI Norland, the fifth-largest global manufacturer of structures and solar trackers for photovoltaic solar energy projects has been sold for €600m. It was bought by US company Array Technologies through the private equity manager Aurica Capital and Amixa Capital.

Aurica Capital reportedly entered the capital of STI Norland with a minority stake of 41.5 per cent, through its Aurica III fund.

As reported in a statement, depending on whether the EBITDA for 2021 exceeds €47 million, then another extra payment will be due. The statement pointed out that the closing of the transaction is scheduled for the first half of 2022, once the required authorisations are obtained.

STI Norland, located in Pamplona, was founded back in 1996, a pioneer in Europe in the development of fixed structures for solar panels and trackers. Practically all of its sales are conducted outside of Spanish borders. Last year, the company reached a sales figure close to €200 million, and an EBITDA of €43.

Since the entry of Aurica in the capital, it has gone from the eighth to the fifth largest producer of ‘trackers‘ in the world. The company has expanded its operations to Brazil, India, Australia, and South Africa.

Array Technologies is based in the US state of New Mexico, and has been listed on the Nasdaq index since 2020. Last year it registered sales of $872m (€762m), with an EBITDA of $150m (€131m). This allowed it to reach a market capitalization of around $2.9 billion (€2.53b).

In August, Blackstone entered its capital with a $500m (€437m) investment commitment, and announced a process involving the acquisition of STI Norland. The shareholders of STI Norland expressed their satisfaction with the operation and valued positively that part of the transaction will be based on shares of the acquiring company, as reported by navarra.elespanol.com.

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