Array Technologies’ acquisition of STI Norland to aid expansion efforts

US-based utility-scale solar tracker technology multinational Array Technologies has entered into a definitive agreement to acquire Spain-based solar tracker manufacturer Soluciones Técnicas Integrales Norland (STI Norland) for about €570-million in cash and stock, which will help to accelerate international expansion plans. “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. The increased scale of the combined enterprise also provides opportunities for significant cost reduction as we drive greater volumes with our suppliers and achieve increased leverage on our fixed costs,” says Array chairperson Brad Forth.