Array Technologies Completes Acquisition of STI Norland
12 January 2022 - 8:40AM
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.”
Advisors
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.
Forward Looking Statements
This press release contains forward looking statements including
statements about the proposed transaction with STI Norland, the
timing thereof and our ability to achieve the intended operational,
financial and strategic benefits from such transaction. These
statements are not historical facts but rather are based on the
Company's current expectations and projections regarding its
business, operations and other factors relating thereto. Words such
as "may," "will," "could," "would," "should," "anticipate,"
"predict," "potential," "continue," "expects," "intends," "plans,"
"projects," "believes," "estimates" and similar expressions are
used to identify these forward looking statements. These statements
are only predictions and as such are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict, including but are not limited to, changes
in domestic and foreign business, market, financial, political and
legal conditions; the inability of the Company to successfully or
timely consummate the proposed transaction with STI Norland,
including the risk that any required regulatory approvals are not
obtained, are delayed or are subject to unanticipated conditions
that could adversely affect the combined company or the expected
benefits of the proposed transaction; risks relating to the
uncertainty of the projected financial information with respect to
STI Norland; risks related to the timing and achievement of
expected business milestones; the risk that the proposed
transactions disrupts current plans and operations of Array and STI
Norland as a result of the announcement and consummation of the
proposed transaction; the ability to recognize the anticipated
benefits of the proposed transaction, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and retain its management and key
employees; and risks relating to STI Norland’s intellectual
property portfolio. Actual results may differ materially from those
in the forward looking statements as a result of a number of
factors. There may be additional risks that the Company does not
presently know or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect the Company’s expectations,
plans or forecasts of future events and views only as of the date
of this press release. The Company anticipates that subsequent
events and developments will cause its assessments to change.
However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
Media Contact: Laurie
Steinberg 845-558-6370 lsteinberg@soleburytrout.com
Investor Relations
Contact: 505-437-0010 investors@arraytechinc.com
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