Big news: we just announced a $500 million investment with the transformational TPG RISE Climate fund which at $13 billion assets under management is the world’s largest private equity impact investing platform, bringing capital to portfolio companies like Nextracker that are driving positive, measurable environmental results and business performance.
Moving the needle in global energy towards renewables requires ferocious growth. We founded Nextracker Inc. in 2013 with $4M, joined Flex in 2015 in a $330M acquisition to expand our geographic reach, and are now moving to the next level with TPG’s capital markets expertise. This investment by one of the world’s leading growth-equity investors implies a $3 billion enterprise value for Nextracker.
It also gives us a strategic partnership with TPG; a seat at the table with their portfolio companies and the TPG Rise Climate Coalition, whose members include Apple, 3M, and other major institutional investors; and additional resources to support our continued growth.
For insightful commentary, listen to Flex CEO Revathi Advaithi and our new partner TPG’s Executive Chairman Jim Coulter speak with me about the investment.
We appreciate Jim’s views that “As the [solar] sector grows, Nextracker’s technology and equipment sit at the center of that growth. Nextracker’s leadership position in utility scale solar tracker and software solutions is the direct result of its world class management team and continued support from Flex. The Nextracker team has built a product that is consistently top ranked for quality and technological innovation. In addition, the company has amassed a robust intellectual property portfolio which will allow them to continue to innovate and optimize solar performance across a range of product offerings as the solar market continues to evolve.”
And it’s equally exciting to hear Revathi celebrate more steps on our road to operating as a standalone company, by “unlocking the significant value” Nextracker represents.
The U.S. Energy Information Administration reports solar the largest source of new power generating capacity added to the grid. Nextracker has the #1 global and US tracker market share positions, according to Wood Mackenzie.
Trackers powered by our tech and software are the backbone of solar – they make developments smarter and more efficient, which is why we’ve shipped over 50 GW of them since we started this journey.
It’s a bright day for solar and Nextracker!
Shug
#solar #power #renewableenergy
