星期一, 5月 10, 2021
Home PV News Spanish bank acquires big stake in solar racking manufacturer

Spanish bank acquires big stake in solar racking manufacturer

Banco Sabadell has acquired a 41.5% interest in Pamplona-based STI Norland through its Aurica Capita fund.

Source:Pv magazine

Aurica Capital, a private equity fund owned by Spanish lender Banco Sabadell, has announced the acquisition of a 41.5% stake in compatriot solar tracker manufacturer STI Norland. The financial terms of the deal were not disclosed.

Founded in 1996 and based in Pamplona, in Spain’s northern Navarra region, ​​STI Norland ships a large proportion of its products abroad and has subsidiaries in Israel, India, Brazil, Mexico, Chile, South Africa and the U.S.

The company said it had shipped around 3 GW of trackers worldwide by the end of September and claims to have pioneered the world’s first decentralized solar tracker, in 2017.

STI Norland also provides installation, assembly and supervision services and performs geotechnical studies and pull-out tests and employs more than 250 people. Sales reached €80 million in 2018, according to company figures.

“The decision to invest in STI Norland has been based on its solid fundamentals, its position of world leadership in the emerging photovoltaic solar energy sector and its clear external focus, as well as the solidity of its management team and in its current strategic plan, which foresees a high growth rate and its expansion into new markets,” said Raúl Rodríguez, managing director of Aurica Capital.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

CNBM wants to set up GW-scale production of CdTe solar panels in China

China National Building Materials (CNBM), the parent company of German module manufacturer Avancis, has signed an agreement with German PV production equipment provider Singulus...

Italy could double PV capacity by 2025, says PI Berlin

Italy could double its solar PV plant capacity in the next three years, said Giuseppe Farinato, new Business Development Manager for Italy at PI...

New stack design for cheaper redox flow batteries

A group of scientists from the German research institute Fraunhofer Umsicht claims to have reduced the production costs of redox flow batteries by redesigning...

The best radiative cooling tech for PV arrays

Researchers at the Shanghai Jiao Tong University in China have conducted a review of the possible combinations between radiative cooling (RC) techniques and solar...