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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?

Incorporated in 1996 in Pamplona (Spain), STI Norland is a European pioneer in fixed structures and solar trackers development. The company designed its first solar photovoltaic structure in 1998 and started designing and supplying solar trackers in 2002, participating in the world’s first photovoltaic solar plants.

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.

Will STI Norland join array?

Javier Reclusa, Chief Executive Officer of STI Norland, added, “The entire STI Norland team is excited about joining Array and the opportunities that the combination of the two companies will unlock.

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.