Nextracker acquires HK-based solar farm piling provider SPI

US solar tracker manufacturer Nextracker Inc (NASDAQ:NXT) has acquired Hong Kong-headquartered solar farm piling solutions provider Solar Pile International (SPI) for approximately USD 48 million (EUR 44.2m).

The acquisition was disclosed during Nextracker’s presentation of financial results for the first, April through June, quarter of its fiscal year 2025.

SPI makes piling solutions for ground-mounted solar farms planned for installation on challenging soil conditions, such as soft and frost-heaved soils or sites with shallow rock. According its website, SPI supplied over 1,000 MW worth of projects throughout Australia and the United States between 2018 and 2023.

The acquisition of SPI was finalised on July 31, Nextracker said in the earnings report on Thursday. The deal came shortly after Nextracker took over solar foundations specialist Ojjo Inc for around USD 119 million.

In a call with analysts, Nextracker CEO Daniel Shugar said the acquisitions of both Ojjo and SPI would expand the company's capabilities to install solar panels in geologically challenging areas.

He noted that there had been a growing number of difficult sites for solar projects, such as those with hard rock or soft, frost-prone soil. Ojjo, Shugar said, brought unique technology and expertise for hard rock conditions, while Solar Pile International specialised in solutions for softer soils.

(USD 1.0 = EUR 0.920)

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