Solar Firm Array Technologies Agrees to Buy Spain’s STI Norland
(Bloomberg) -- U.S. solar equipment manufacturer Array Technologies Inc. agreed to buy Spanish firm Soluciones Tecnicas Integrales Norland S.L. for about 570 million euros ($652 million) in cash and stock to accelerate an international expansion.
The deal will make Array the world’s largest producer of solar trackers, devices that maximize electricity output by adjusting solar panels to follow the sun’s path, the Albuquerque, New Mexico-based company said Thursday in a statement. STI Norland describes itself as a leading supplier of solar trackers in Brazil and Latin America, and the company generates about 95% of its revenue outside the U.S.
The acquisition comes while interest in solar technology is surging as governments worldwide push to focus less on fossil fuels in favor of less polluting renewable energy sources to combat climate change. That’s spurring a flurry of deals and investments from environmentally focused investors that’s driving record growth for the solar industry.
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