California-based tracker firm NEXTracker has raised $25 million of growth capital financing from a group of venture capital (VC) investors following a doubling of the companys manufacturing capacity.
The funding round closed in December and involved investments from SJF Ventures and Tennenbaum Capital Partners, as well as from existing investors Sigma Partners and DBL Investors.
In order to meet growing demand for its solar tracker technology, NEXTracker recently doubled its manufacturing capacity to 200 MW per month which will help the company meet the production demands of its leading clients, which includes SunEdison.
In June, SunEdison signed a 1.85 GW purchase agreement for NEXTracker to supply its technology to the companys solar projects over the next three years. Last week, NEXTracker delivered 223 MW of its state-of-the-art trackers to a SunEdison project in Latin America.
This latest round of VC funding will enable the company to further scale its production, said NEXTracker CEO Dan Shugar. "We are now able to deliver more than 200 MW/month. We have also expanded our team with experienced solar project personnel in North and South America, Europe, Asia and Australia."
Jacquez-Fissori, Tennenbaum Capital Partners MD, said that the company was attracted to the round of funding because NEXTrackers technology is facilitating large- and utility-scale project deployments by minimizing grounding requirements and simplifying numerous aspects of a typical PV installation.
"Were proud to be providing financing to NEXTracker, as their innovations in tracker technology have been proven on dozens of projects financed by leading banks with total value in excess of $450 million."