Nextracker boosts solar installation capabilities with SPI acquisition
- Nextracker Inc acquires SPI for $48 million, enhancing capabilities to install solar panels in challenging terrains. CEO Daniel Shugar highlights expertise in hard rock and soft soil solutions.
US solar tracker manufacturer Nextracker Inc has acquired Hong Kong-based solar farm piling solutions provider Solar Pile International (SPI) for approximately USD 48 million. The acquisition was announced during Nextracker's financial results presentation for the first quarter of its fiscal year 2025. SPI specializes in providing piling solutions for ground-mounted solar farms on challenging soil conditions, such as soft and frost-heaved soils or sites with shallow rock.
The acquisition of SPI was finalized on July 31, following Nextracker's recent takeover of solar foundations specialist Ojjo Inc for around USD 119 million. Nextracker CEO Daniel Shugar stated that the acquisitions of both Ojjo and SPI will enhance the company's capabilities to install solar panels in geologically challenging areas, including sites with hard rock or soft, frost-prone soil. Shugar highlighted that Ojjo brings expertise in hard rock conditions, while SPI specializes in solutions for softer soils, addressing the growing demand for solar projects in difficult terrains.
How will Nextracker's recent acquisitions enhance its solar panel installation capabilities?
- The acquisition of Solar Pile International (SPI) will enhance Nextracker's capabilities to provide piling solutions for ground-mounted solar farms on challenging soil conditions, such as soft and frost-heaved soils or sites with shallow rock.
- Nextracker's recent acquisition of Ojjo Inc will also contribute to the company's ability to install solar panels in geologically challenging areas, including sites with hard rock or soft, frost-prone soil.
- The acquisitions of both Ojjo and SPI will address the growing demand for solar projects in difficult terrains by combining expertise in hard rock conditions and solutions for softer soils.
- Nextracker CEO Daniel Shugar emphasized that these acquisitions will strengthen the company's position in the market and enable them to offer comprehensive solutions for solar panel installations in a variety of challenging environments.
