Spanish bank acquires big stake in solar racking manufacturer

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.