Flex sells $500 million stake in Nextracker

2022-07-02 0 By

Flex, the parent company of Nextracker, a global manufacturer of photovoltaic solar trackers, has agreed to sell a $500 million stake in Nextracker to TPG Rise Climate.Flex and Nextracker also signed a separation agreement under which the businesses of the two companies will be reported separately and Flex will report the Nextracker business as a separate operating unit in the future.TGP Rise Climate is a subsidiary of TGP Rise, a global investment firm.Since 2018, TPG Rise has made a number of investments in Fourth Partner Energy, an Indian distributed solar company;In 2020, it funded and launched Matrix Renewables, which now has a portfolio of 2GW of Renewables projects in operation or under construction, and another 2GW of development pipelines across Europe, the US and Latin America.Different from the component and inverter market, solar tracker has a strong regional, and the trade policies of Europe, the United States, India and other countries have great tariffs on steel products, aluminum products, aluminum products and other products, and it is difficult for overseas tracker brands to establish a foothold in China.Due to the lower cost of manufacturing in China, some overseas tracking brands also choose to set up manufacturing plants or contract manufacturing in China.Nextracker leads the field of solar tracking by developing and deploying best-in-class product quality, technology, value and flexibility.With the continuous growth of global solar installations worldwide, especially the re-emergence of ground-based PHOTOVOLTAIC power plants, tracking systems will become the favor of solar developers and EPCs in the coming years.– the END —