Array Technologies acquires STI Norland for €600 million

Cuatrecasas has advised Array Technologies, an investee company of investment fund Blackstone and listed on the Nasqad, on acquiring Soluciones Técnicas Integrales Norland (STI Norland), one of Europe's leading producers of solar trackers.

The transaction is valued at almost €600 million and expected to close in the first quarter of 2022.

STI Norland, headquartered in Pamplona (Spain), is one of the solar market leaders in Spain, Portugal and Latin America, including Brazil. The company has completed and been awarded orders of tracking systems for over 400 projects around the world, exceeding 12 GW of total generation capacity.

The Cuatrecasas multidisciplinary team advising on the transaction was led by Javier Martí-Fluxá, Marcos García, Sara Shackleford and Natalia Tallada, with the support of the teams in the Santiago de Chile and Mexico City offices.