What does STI Norland stand for?

Image: Array Technologies US solar tracker supplier Array Technologies is to acquire Spanish tracker manufacturer Soluciones Técnicas Integrales Norland (STI Norland) in an acquisition that Array said will create “the largest tracker company in the world”.

Why did array acquire STI Norland?

Array said the acquisition of STI Norland will allow it to offer an expanded product portfolio. Image: Array Technologies US solar tracker supplier Array Technologies has completed its previously announced acquisition of Spanish tracker manufacturer Soluciones Técnicas Integrales Norland, S.L. (STI Norland).

Who is STI Norland?

Founded in 1996 in Pamplona, Spain, STI Norland is a pioneer in Europe in both the development of fixed-tilt structures and trackers for utility-scale PV plants. The company’s system was used in the world’s first PV plant to deploy trackers in 2002.

Will array buy STI Norland in Q1 2022?

Under the deal, Array will buy STI Norland for roughly €570 million (US$652 million) in cash (€351 million/US$401 million) and stock, with the transaction expected to close in Q1 2022. It comes at the same time as Array reported a larger than expected Q3 loss in its most recent financial results.

Who makes STI Norland solar trackers?

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.

Why should you choose array & STI Norland?

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. STI Norland brings to Array a proven product line that is ideally suited for complementary markets which will help to accelerate our international expansion plans.