From pv magazine Spain.
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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.