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India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview


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					</table><p>From: <a href="https://mercomcapital.com/funding-ma-roundup-terawatt-secures-300-million-debt-financing/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Terawatt Infrastructure, a charging infrastructure platform for autonomous and electric vehicle fleets, has </strong><a href="https://mercomcapital.com/terawatt-secures-up-to-300-million-debt-financing/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a five-year senior secured financing facility for up to $150 million,</strong> with an option to raise an additional $150 million. The company said the proceeds will support the acquisition and development of charging depots as it expands its network of sites for autonomous and electric transportation fleets.</p>
<p><strong>Solar Landscape, a U.S.-based commercial rooftop solar developer, has </strong><a href="https://mercomcapital.com/solar-landscape-secures-125-million-revolving-credit-facility/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> an oversubscribed $125 million revolving credit facility led by</strong> M&amp;T Bank. Flagstar Bank, Atlantic Union Bank, and Valley Bank participated in the facility. The revolving credit facility will provide working capital to support development activities across Solar Landscape’s project pipeline. The company said the funding will help projects move from origination to construction readiness.</p>
<p><strong>Gaussion, a company developing energy intelligence technology for battery packs, has </strong><a href="https://mercomcapital.com/battery-tech-company-gaussion-raises-28-million-in-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $28 million to scale its </strong>battery performance technology. The funding round was co-led by BGF and AlbionVC. Autotech Ventures, UCL Technology Fund, DN Capital, and Future Ventures, led by Steve Jurvetson, an early investor in SpaceX and Tesla, participated as follow-on investors.</p>
<p><strong>CrossBoundary Access, a company that finances and operates distributed renewable energy projects across Africa, has </strong><a href="https://mercomcapital.com/crossboundary-access-secures-10-million-equity-investment/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $10 million equity investment.</strong> The funding was provided by the International Finance Corporation, a member of the World Bank Group that focuses on private sector development in emerging markets. The investment is expected to support the construction and expansion of the company’s portfolio, which includes mini-grids, battery-as-a-service projects, and adjacent technologies in Sub-Saharan Africa.</p>
<p><strong>Nextpower, an integrated provider of utility-scale solar infrastructure solutions offering trackers, electrical balance-of-system solutions, software, and robotics, has entered into a definitive agreement</strong> to <a href="https://mercomcapital.com/nextpower-acquire-zimmermann-pv-steel-for-378-million/" target="_blank" rel="noopener">acquire</a> Germany-based Zimmermann PV-Steel Group. The transaction consideration comprises cash and stock of up to €330 million (~$378 million). The acquisition is subject to customary closing conditions, including required regulatory review.</p>
<p><strong>Solar module manufacturer SWELECT Energy Systems </strong><a href="https://www.mercomindia.com/swelect-subsidiary-to-acquire-49-stake-in-gridnex-solar" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that its wholly owned subsidiary, SWELECT SolarKraft, has signed an agreement to acquire a 49% equity stake in Gridnex Solar Power</strong>, a wholly owned subsidiary of Apollo Green Energy. SWELECT SolarKraft will acquire 4,900 equity shares with a face value of ₹10 (~$0.106) each, representing 49% of Gridnex Solar’s total paid-up equity share capital.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-origis-energy-secures-900-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Terawatt Secures Up to $300 Million Debt Financing


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					</table><p><a href="https://nextpower.com/" target="_blank" rel="noopener">Nextpower</a>, an integrated provider of utility-scale solar infrastructure solutions offering trackers, electrical balance-of-system solutions, software, and robotics, has entered into a definitive agreement to acquire Germany-based <a href="https://pv-steel-group.com/" target="_blank" rel="noopener">Zimmermann PV-Steel Group</a>.</p>
<p>The transaction consideration comprises cash and stock of up to €330 million (~$378 million). The acquisition is subject to customary closing conditions, including required regulatory review. Nextpower expects the transaction to close in the second half of its fiscal 2027.</p>
<p>Zimmermann was founded in 1950 and entered the solar industry in 2009. The company designs, plans, and supplies solar substructures. According to Nextpower, the company has delivered more than 2,500 solar projects across 58 countries and deployed over 20 GW.</p>
<p>Nextpower said the acquisition would broaden its product portfolio and expand its regional presence in Europe. The company said Zimmermann has a market presence in Germany, which it described as one of Europe’s largest solar markets.</p>
<p>Nextpower said the acquisition, along with the recent international launch of NX Gemini, its two-in-portrait tracker, is expected to more than double its addressable gigawatt opportunity in Europe.</p>
<p>After the transaction closes, Zimmermann is expected to operate under the name “Zimmermann PV, a Nextpower Company.” Nextpower said this structure is intended to preserve customer, employee, and regional market continuity while allowing the business to scale through Nextpower’s global footprint.</p>
<p>In the second quarter of 2026, Nextpower entered into an agreement to <a href="https://mercomcapital.com/nextpower-to-acquire-zigors-power-conversion-assets-and-apex-power/" target="_blank" rel="noopener">acquire</a> assets of Zigor Corporation’s power-conversion business and its U.S.-based subsidiary, Apex Power, to expand its product portfolio and capabilities in utility-scale solar power conversion. It would also support its entry into the battery energy storage and data center markets.</p>
<p>In addition, the company entered into a definitive <a href="https://mercomcapital.com/nextpower-acquire-prevalon-energy-for-up-to-365-million/" target="_blank" rel="noopener">agreement</a> to acquire Prevalon Energy, a U.S.-headquartered joint venture between Mitsubishi Power Americas and EES, to expand its technology platform across battery energy storage systems and intelligent controls for critical power infrastructure.</p>
<p>According to Mercom’s recently released Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, Corporate M&amp;A activity in the solar sector was 47% higher YoY in the first quarter of 2026, with 28 corporate M&amp;A transactions compared to 19 in Q1 2025.</p>


Nextpower to Acquire Zimmermann PV-Steel for $378 Million


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					</table><p>The large-scale deployment of trackers has been a key growth driver for India’s solar energy sector and has supported the country’s transition to renewables by improving energy output and reducing lifecycle costs compared with conventional fixed-tilt installations.</p>
<p>In an exclusive interview with Mercom India, Rajeev Kashyap, Senior Vice President and General Manager (Middle East, India, and Africa) at U.S.-based solar tracker company <a href="https://www.google.com/aclk?sa=L&amp;pf=1&amp;ai=DChsSEwjo7JqK2O2UAxUsrWYCHZs-HJgYACICCAEQABoCc20&amp;co=1&amp;ase=2&amp;gclid=CjwKCAjwxITRBhBYEiwA6mZm7RlVssGvrdwm4yfcZv7xkrRlR0r4cEfiIJSrcvIrTGNdQzgARGE0BRoC7OoQAvD_BwE&amp;ei=PX0hav2mIrKZjuMP28_PsAg&amp;cid=CAASWuRoAuQG_AhZ1fDPxpYN0i2iZIL3rmdl_f2zCj_xMzkV9gAu9VLlaQCb6UW0hwNBfH9ec4MRySJv4pGx_6SK6q196uB_b_lTZlA8pdqrG9dWWjD125cyWj5aog&amp;cce=2&amp;category=acrcp_v1_32&amp;sig=AOD64_2P3l6bwiijuEQNvjX_uv6pXrRlLg&amp;q&amp;sqi=2&amp;nis=4&amp;adurl=https://nextpower.com/products/trackers?utm_term%3Dtracker%2520photovoltaic%26utm_campaign%3DIndia%26utm_source%3Dadwords%26utm_medium%3Dppc%26hsa_acc%3D1399069027%26hsa_cam%3D23736522404%26hsa_grp%3D197696311840%26hsa_ad%3D804389067490%26hsa_src%3Dg%26hsa_tgt%3Dkwd-842593959060%26hsa_kw%3Dtracker%2520photovoltaic%26hsa_mt%3Db%26hsa_net%3Dadwords%26hsa_ver%3D3%26gad_source%3D1%26gad_campaignid%3D23736522404%26gbraid%3D0AAAABB2mpikoIPvPEmIaWA5ye_d90pHLi%26gclid%3DCjwKCAjwxITRBhBYEiwA6mZm7RlVssGvrdwm4yfcZv7xkrRlR0r4cEfiIJSrcvIrTGNdQzgARGE0BRoC7OoQAvD_BwE&amp;ved=2ahUKEwi9uZKK2O2UAxWyjGMGHdvnE4YQ0Qx6BAgbEAE" target="_blank" rel="noopener">Nextpower</a>, discusses the company’s outlook for solar tracker growth in India, the potential energy gains from tracker deployment, domestic manufacturing capability, and the topographical challenges affecting tracker deployment in India.</p>
<p><strong>How has Nextpower expanded its operational and manufacturing footprint in India over the past few years?</strong></p>
<p>India is one of our most strategic markets globally, and our commitment here has only deepened since 2016.  With more than 160 GW  of solar tracker deployments worldwide, we have established a strong presence in India’s utility-scale solar sector.</p>
<p>We have surpassed 10 GW of solar tracker shipments in India, a milestone that places us firmly among the most deployed tracker platforms in the country.</p>
<p>A defining feature of our presence in India is the Center for Solar Excellence in Hyderabad. The 13-acre facility combines testing, training, and product validation capabilities to support the entire solar project lifecycle and helps us address customer requirements better.</p>
<p>Our India operations are anchored in Hyderabad and Chennai, where more than 500 professionals support product development, research and development, and project execution.</p>
<p><strong>Given how utility-scale projects are increasingly leveraging advanced tracking technologies, what&#8217;s Nextpower&#8217;s outlook on the growth potential of the solar tracker market in India?</strong></p>
<p>We see India as one of the world’s fastest-growing markets for advanced solar tracker adoption, driven by the rapid expansion of utility-scale solar projects, a growing focus on maximizing energy yield, and the need to improve project economics in land- and grid-constrained environments.</p>
<p>Our outlook is also supported by broader industry trends and independent studies, which indicate that tracker-mounted systems in India can deliver higher energy output and lower lifecycle costs as compared to conventional fixed-tilt installations.</p>
<p>The trajectory for solar trackers in India is decisively upward, with the country&#8217;s cumulative installed solar capacity standing at 150 GW. The current scale of deployment is extraordinary, and trackers are increasingly becoming an integral part of that story.</p>
<p>India’s push towards achieving 500 GW of renewable energy by 2030 will require every available percentage point of yield improvement, and trackers are one of the most cost-effective ways to deliver it. The rapid growth of battery energy storage systems further strengthens the tracker value proposition, as trackers extend and optimize solar generation profiles and improve storage utilization.</p>
<p><strong>What are the average energy-generation gains that can be achieved by integrating solar trackers in utility-scale solar projects?&#8221;</strong></p>
<p>Solar trackers deliver measurable, bankable energy gains that transform the economics of utility-scale projects. A well-designed single-axis tracker system increases annual energy generation by 20–30% as compared to a fixed-tilt installation of equivalent module capacity. The gains can go higher in high-irradiance markets such as Rajasthan and Gujarat.</p>
<p>Our TrueCapture® intelligent control system uses advanced sensors and real-time site data to continuously optimize tracker positioning and minimize energy losses.</p>
<p><strong>Nextpower has a robust manufacturing and supply chain presence in India.  Is the company planning to localize or expand trackers, electrical balance of systems (eBOS), or other components?</strong></p>
<p>Localization is a strategic pillar for us. Our 10 GW per annum of contracted manufacturing capacity in India, with more than 95% domestic content, demonstrates our long-term commitment to the market.</p>
<p>We are also helping drive the industry&#8217;s shift toward integrated power plant design by building solar systems as engineered, interconnected platforms rather than as collections of individual components. This improves installation consistency, reliability, and long-term performance at utility scale.</p>
<p><strong>What are the typical operation and maintenance (O&amp;M) costs associated with solar tracker systems over a project’s lifecycle?</strong></p>
<p>Modern tracker technologies are designed to optimize O&amp;M costs over the entire project lifecycle. Intelligent design, decentralized architecture, and predictive monitoring reduce maintenance interventions, downtime, and operating expenses.</p>
<p>Our NX Horizon platform uses an independent-row architecture that improves accessibility and simplifies maintenance. Our self-powered controller continues operating during grid outages, reducing manual intervention and improving plant resilience.</p>
<p>The platform also uses engineered fasteners to minimize routine maintenance requirements, while lithium-ion batteries offer a longer operating life. Combined with sensor-based diagnostics, intelligent software, and remote monitoring capabilities, these features help maximize plant uptime and energy production while lowering lifecycle O&amp;M costs.</p>
<p><strong>As India increasingly moves toward hybrid, round-the-clock (RTC), and storage-linked renewable projects, how is Nextpower adapting its technology portfolio to support these evolving requirements?</strong></p>
<p>India&#8217;s pivot toward firm and dispatchable renewable energy, RTC, and storage-linked renewables is the most transformative structural shift in the utility-scale market in a decade, and it plays directly to the strengths of an integrated technology platform like ours.</p>
<p>We are bringing together trackers, eBOS, intelligent software, power conversion, and energy storage to build a unified platform. Our recent decision to acquire Prevalon Energy marks our entry into the battery energy storage system market.</p>
<p><strong>What are the primary challenges in deploying solar trackers and integrated solar technologies in utility-scale projects, particularly in markets like India?</strong></p>
<p>India has one of the most demanding environments for solar technology deployment worldwide. Securing large contiguous land parcels remains a key challenge while building a solar project in India, which significantly impacts project delivery timelines.</p>
<p>The lack of accurate site data, including soil conditions, wind speeds, corrosion rates, and other environmental factors, can influence system design and its long-term performance.</p>
<p>Dust and soiling are also significant concerns, particularly in arid regions, increasing cleaning requirements and O&amp;M costs. Our systems are compatible with automated and robotic cleaning technologies that improve efficiency while reducing water usage.</p>
<p><strong>What are the key technology trends shaping the future of solar tracking systems globally, and how relevant are these innovations for the Indian market?</strong></p>
<p>Several converging technology trends are reshaping solar tracking globally, and India is well-positioned to benefit from them.  As utility-scale solar portfolios continue to scale, the industry is moving beyond simply deploying capacity towards maximizing long-term plant performance, uptime, and operational efficiency.</p>
<p>Robotics and AI are increasingly being used for autonomous inspection, predictive maintenance, fault detection, and performance optimization, helping reduce operating costs and boost asset reliability.</p>
<p>Terrain-following technology is equally relevant in India, where suitable flat land is becoming scarcer. Our NX Horizon-XTR platform enables deployment on undulating terrain, expanding project development opportunities while reducing civil works costs.</p>
<p><strong>Nextpower has evolved from a solar tracker company to a broader integrated energy technology platform. How do you see the solar industry in India evolving over the next five to 10 years? </strong></p>
<p>Nextracker recently rebranded to Nextpower, which underscores our evolution beyond trackers to deliver broader, system-level solutions.</p>
<p>Over the next decade, India’s solar industry will be defined by scale, complexity, and integration, and the company is uniquely positioned for such an environment. The scale dimension is staggering. India has a stated target of generating 500 GW of renewable energy by 2030, with solar as the dominant technology.</p>
<p>From approximately 94 GW of installed solar capacity as of late 2024, the country needs to add roughly 40–50 GW per year over the next six years to stay on track.</p>
<p>This is an unprecedented pace of deployment that will stress every dimension of the supply chain, including modules, trackers, civil infrastructure, eBOS, grid connectivity, and O&amp;M. Companies that can offer integrated solutions, local manufacturing, and genuine engineering depth will have a structural advantage over those selling individual components.</p>


Solar Trackers Can Boost Annual Energy Output by Up to 30%: Interview


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					</table><p><a href="https://nextpower.com/" target="_blank" rel="noopener">Nextpower</a>, an integrated provider of utility-scale solar infrastructure solutions offering trackers, electrical balance-of-system solutions, software, and robotics, has entered into a definitive agreement to acquire <a href="https://prevalonenergy.com/" target="_blank" rel="noopener">Prevalon Energy</a>, a U.S.-headquartered joint venture between Mitsubishi Power Americas and EES, for total consideration of up to $365 million, excluding cash to be acquired.</p>
<p>The transaction includes cash and stock and is subject to customary closing conditions, including antitrust regulatory review. It is expected to close in the second quarter of fiscal year 2027.</p>
<p>Nextpower said the acquisition is expected to expand its technology platform across battery energy storage systems and intelligent controls for critical power infrastructure. The company projected that global demand for battery energy storage systems outside China could represent an opportunity of up to $35 billion by 2030, with the U.S. accounting for up to $15 billion.</p>
<p>Prevalon’s battery storage technology supports applications that require power quality, rapid response, and deployment speed, including AI data centers, private grids, grid-connected storage, and industrial power systems. Its Hybrid Power Stabilizer is designed to manage rapid load changes and support grid stability.<br />
“Both companies are technology-focused and understand power, utilities, and complex use cases for customers. Prevalon’s BESS hardware and software platform solves challenging problems for utility-connected and self-powered AI data centers, including inertia support, grid stabilization, contingency management, and GPU AI workload smoothing. This is a differentiated, competitive advantage that Nextpower’s customers will value,” said Markus Wilhelm, founder and CEO of Strata Energy.</p>
<p>In May 2026, Nextpower entered into a definitive agreement to <a href="https://mercomcapital.com/nextpower-to-acquire-zigors-power-conversion-assets-and-apex-power/" target="_blank" rel="noopener">acquire</a> complementary assets of Zigor Corporation’s power-conversion business and its U.S.-based subsidiary, Apex Power. It is expected to expand Nextpower’s product portfolio and capabilities in utility-scale solar power conversion and would also support its entry into the battery energy storage and data center markets.</p>
<p>Nextpower also raised its fiscal year 2027 outlook, expecting revenue to be approximately $4 billion to $4.4 billion, compared with its previous outlook of $3.8 billion to $4.1 billion.</p>
<p>According to Mercom’s recently <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">released</a> Q1 2026 Solar Funding and M&amp;A report, Corporate M&amp;A activity in the solar sector was 47% higher YoY in the first quarter of 2026, with 28 corporate M&amp;A transactions compared to 19 in Q1 2025.</p>


Nextpower to Acquire Prevalon Energy for Up to $365 Million


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					</table><p>U.S.-based solar tracker firm <a href="https://nextpower.com/" target="_blank" rel="noopener">Nextpower</a> reported revenue of $880.5 million in the fourth quarter (Q4) of the financial year (FY) 2026, a 4.7% year-over-year (YoY) decrease from $924.3 million.</p>
<p>The revenue exceeded analysts’ expectations by $50.7 million.</p>
<p>The company said Q4 revenue was <a href="https://www.mercomindia.com/abunayyan-nextpower-joint-venture-advances-utility-scale-solar-across-mena" target="_blank" rel="noopener">affected</a> by the non-consolidation of its new Middle East joint venture, which reduced reported revenue by approximately 300 basis points.</p>
<p>Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $202 million, down 16.5% YoY from $242 million.</p>
<p>Net profit declined by 3.9% YoY to $150.6 million from $156.8 million.</p>
<p>Earnings per share (EPS) came in at $0.97, compared to $1.05 in the same quarter of the previous year and beating analysts’ expectations by $0.12.</p>
<p>In Q3 FY 2026, revenue had <a href="https://www.mercomindia.com/solar-tracker-company-nextpowers-revenue-rose-34-yoy-in-q3-fy-2026" target="_blank" rel="noopener">surged</a> by 34% YoY.</p>
<p><strong>Full-Year Results</strong></p>
<p>Nextpower reported revenue of $3.56 billion in FY 2026, a 20.3% YoY increase from $2.96 billion, driven by strong demand from the U.S. market.</p>
<p>Net profit stood at $585.9 million, up 15.1% YoY from $509.2 million.</p>
<p>The company’s adjusted EBITDA during this period stood at $853.7 million, up 10% YoY from $776.5 million.</p>
<p>EPS came in at $3.84, compared to $3.47 in FY 2025.</p>
<p><strong>Business Highlights</strong></p>
<p>The company’s order backlog in FY 2026 exceeded $5.25 billion, and its cumulative global tracker shipments surpassed 160 GW. The U.S. accounted for 79% of bookings, and 21% were from other countries.</p>
<p>Cumulative tracker shipments to Latin America, the Middle East, India, Africa, and Turkey together surpassed 25 GW each.</p>
<p>It achieved a record quarterly electrical balance-of-system (eBOS) bookings, including over 100 MW for its new trunk bus connector. During the quarter, the company received an initial purchase order for its NX PowerMerge eBOS solution.</p>
<p>Nextpower also entered into a multi-year GW-scale steel frame supply agreement with Jinko Solar Industries for U.S.-manufactured steel module frames.</p>
<p>In January 2026, Saudi Arabia’s energy and infrastructure developer, Abunayyan Holding, and Nextpower <a href="https://www.mercomindia.com/abunayyan-nextpower-joint-venture-advances-utility-scale-solar-across-mena" target="_blank" rel="noopener">completed</a> the process of the formal incorporation of their previously announced joint venture, Nextpower Arabia. The joint venture aims to accelerate the deployment of utility-scale solar power projects across the Middle East and North Africa.</p>
<p>Dan Shugar, founder and CEO at Nextpower, announced the company’s transition from being primarily a tracker company to an integrated utility-scale energy technology platform.</p>
<p>He also said that the company has signed an agreement to acquire key power conversion product lines. It entered into a definitive agreement to <a href="https://www.mercomindia.com/nextpower-acquire-zigors-power-conversion-assets-and-apex-power" target="_blank" rel="noopener">acquire</a> complementary assets of Zigor Corporation’s power-conversion business and its U.S.-based subsidiary, Apex Power.</p>
<p>According to the company, the technology is suitable for battery storage and solar inverter applications at 1,500 V, can currently repower applications at 600 V and 1,000 V, and is 2,000 V. The modular skid design can be configured up to 5.2 MVA.</p>
<p>Once completed, Nextpower will enhance its domain expertise in solar businesses and facilitate its entry into the battery storage and data center verticals.</p>
<p>The company is planning to invest $130 million to accelerate its power conversion business.</p>
<p>Nextpower said it is seeing strong demand for its trackers that handle more complex terrain and extreme weather environments. Cumulative sales of its terrain following tracker XTR surpassed 50 GW and over 30 GW for its NX Hail Pro tracker solutions.</p>
<p>It saw a modest gain in its overall average selling YoY due in part to higher attach rates of its non-tracker products and services in the U.S.</p>
<p>Shugar noted that the conflict in the Middle East has provided a tailwind for global renewables and solar, with about 20% of global supplies of liquefied natural gas impacted by constraints at the Strait of Hormuz, and LNG prices going up by 30% to 50% for Europe and Asia.</p>
<p><strong>Outlook </strong></p>
<p>The company expects revenue to be in the range of $3.8 billion to $4.1 billion in FY 2027, up from previous expectations of $3.6 billion to $3.8 billion.</p>
<p>It expects its non-tracker revenue to reach approximately 15% of total revenue in FY 2027, and project strong demand from Europe, Australia, India, and the Middle East markets.</p>


Strong US Demand Pushes Nextpower’s FY 2026 Revenue Up 20%


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					</table><p><a href="https://nextpower.com/" target="_blank" rel="noopener">Nextpower</a> (previously known as Nextracker), a solar PV solutions provider, has entered into a definitive agreement to acquire complementary assets of <a href="https://zigor.com/" target="_blank" rel="noopener">Zigor Corporation’s</a> power-conversion business and its U.S.-based subsidiary, <a href="https://apex-pwr.com/" target="_blank" rel="noopener">Apex Power</a>.</p>
<p>The transaction is expected to expand Nextpower’s product portfolio and capabilities in utility-scale solar power conversion. It would also support its entry into the battery energy storage and data center markets.</p>
<p>The acquired assets include modular, field-deployed inverter technology and engineering talent. According to the company, the technology is suitable for battery storage and solar inverter applications at 1,500 V, repowering applications at 600 V and 1,000 V, and is 2,000 V ready. The modular skid design can be configured up to 5.2 MVA.</p>
<p>Nextpower said the transaction is expected to support the scale-up of inverter manufacturing capacity in the U.S., with production expected to ramp in 2027. In addition, it would allow closer integration of power electronics with its solar trackers, electrical balance-of-systems, and broader technology platform.</p>
<p>“With this acquisition, Nextpower will launch a comprehensive inverter offering in response to strong customer requests for reliable, high-quality power conversion solutions, rounding out our integrated platform,” said Dan Shugar, founder and CEO of Nextpower. “We will be in the market with products for solar, storage, and data centers, and building out U.S. manufacturing as quickly as is prudent. Initial customer demand is promising, and we look forward to welcoming the legacy Apex Power and Zigor team members to Nextpower once the transaction closes.”</p>
<p>The closing of the acquisition is subject to foreign direct investment approval by the Spanish government and other customary conditions. The transaction consideration includes about $80.5 million in cash, consisting of $46 million at closing and up to $34.5 million in potential earnouts.</p>
<p>In addition to the purchase consideration, Nextpower plans to invest about $50 million in growth initiatives, including efforts to accelerate its entry into the power conversion market.</p>
<p>Upon relevant approvals, the acquired assets, including Apex Power, will be integrated into Nextpower’s operations. The inverter business will operate within Nextpower’s power electronics platform. Zigor will continue to operate its remaining business independently, separate from the assets acquired by Nextpower.</p>
<p>According to Mercom’s recently released Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, Corporate M&amp;A activity in the solar sector was 47% higher YoY in the first quarter of 2026, with 28 corporate M&amp;A transactions compared to 19 in Q1 2025.</p>
<p>In May 2026, Skycorp Solar Group, a manufacturer of solar cables and solar connectors, <a href="https://mercomcapital.com/skycorp-solar-acquire-remaining-56-stake-nanjing-cesun-power/" target="_blank" rel="noopener">signed</a> a share acquisition agreement to acquire the remaining 56% equity interest in Nanjing Cesun Power, a provider of turnkey solar project services.</p>


Nextpower to Acquire Zigor’s Power Conversion Assets and Apex Power


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					</table><p>U.S.-based solar tracker firm <a href="https://nextpower.com/" target="_blank" rel="noopener">Nextpower</a> reported revenue of $909 million for the third quarter (Q3) of the financial year (FY) 2026, a 34% year-over-year (YoY) increase from $679 million.</p>
<p>The revenue exceeded analysts&#8217; expectations by $93.49 million.</p>
<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $214 million, up 15.1% from $186 million in the same quarter of the previous year.</p>
<p>Net profit grew 12% YoY to $131 million from $117 million in Q3 FY 2025.</p>
<p>Earnings per share (EPS) came in at $0.85, compared to an EPS of $0.79 in the same period of the previous year. Its EPS beat analysts&#8217; revenue expectations by $0.16.</p>
<p>In Q2 FY 2026, the company <a href="https://www.mercomindia.com/nextracker-posts-strong-q2-fy-2026-results-driven-by-electricity-demand" target="_blank" rel="noopener">reported</a> revenue of $905.27 million, a 4.74% quarter-over-quarter rise from $864 million and a 42.3% YoY increase from $636 million.</p>
<p><strong>9M Results</strong></p>
<p>Nextracker, which changed its corporate name to Nextpower in November 2025. reported revenue of $2.68 billion in the first nine months (9M) of FY 2026, representing a 31.6% YoY increase from $2.03 billion.</p>
<p>Net profit stood at $435.3 million, up 21.1% jump from $359.4 million from the same period last year.359.4</p>
<p>The company’s adjusted EBITDA during this period stood at $651.9 million, up 22% YoY from $534 million in 9M FY 2025.</p>
<p>EPS came in at $2.86, compared to an EPS of $2.41 during 9M FY 2025.</p>
<p><strong>Business Highlights</strong></p>
<p>Nextpower achieved a record backlog and order booking in Europe. The company also expanded its global footprint in two new countries.</p>
<p>The company said U.S. bookings were up, and revenue increased 63% YoY.</p>
<p>In January 2026, Nextpower formed a joint venture with Abunayyan Holding to address the rapidly growing utility-scale solar market in the Middle East and North Africa region and secured a 2.25 GW supply commitment for its solar tracking systems for the Bisha Solar Project.</p>
<p>Together with Abunayyan Holding, NextPower plans to support local manufacturing of up to 12 GW of solar trackers annually.</p>
<p>The company said it has an existing factory in Riyadh and is constructing a new factory in Jeddah.</p>
<p>During the quarter, Nextpower also acquired Fracsun, a differentiated panel soiling measurement and SaaS platform enabling end-to-end, real-time soiling monitoring and robotic cleaning solutions.</p>
<p>The company’s board also approved a share repurchase program to repurchase up to an aggregate of $500 million of Nextpower’s outstanding shares of Class A common stock.</p>
<p>Nextpower said that U.S. import tariffs on foreign-made tracker components continued to affect margins. In Q3, the tariff impact was $44 million, up from $33 million in the prior quarter.</p>
<p>The company said the increase was due to the partial impact in Q2, given that the new tariffs took effect on August 15.</p>
<p><strong>Outlook</strong></p>
<p>Nextpower revised its revenue outlook to $3.43 billion to $3.5 billion, up from its previous outlook of $3.28 billion to $3.48 billion.</p>
<p>Revised net income stood at $525 to $540 million, up from its earlier projections of $499 to $529 million.</p>
<p>The company also revised its adjusted EBITDA to $810 to $830 million, up from $775 to $815 million last year.</p>


Solar Tracker Company Nextpower’s Revenue Rose 34% YoY in Q3 FY 2026


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					</table><p>Saudi Arabia’s energy and infrastructure developer, <a href="https://abunayyanholding.com/" target="_blank" rel="noopener">Abunayyan Holding</a> and U.S.-based <a href="https://nextpower.com/" target="_blank" rel="noopener">Nextpower</a> (formerly Nextracker), which specializes in solar tracking systems, have completed the process of the formal incorporation of their previously announced joint venture, Nextpower Arabia.</p>
<p>The joint venture aims at accelerating the deployment of utility-scale solar power projects across the Middle East and North Africa (MENA) region.</p>
<p>Nextpower Arabia will combine Abunayyan’s 75 years of experience in water and energy infrastructure in Saudi Arabia with Nextpower’s solar power capabilities.</p>
<p>Khalid Abunayyan, Chairman of Abunayyan Holding, said, “Partnering with Nextpower strengthens our role in advancing Saudi Arabia’s clean energy vision by localising advanced manufacturing and technologies, building local capacity development, and creating lasting value for generations to come.”</p>
<p>As a part of this new venture, the company will establish an advanced manufacturing facility in Jeddah to produce solar tracking systems, yield management, and control solutions for large-scale solar projects throughout the region.</p>
<p>The project, which is being constructed on a 42,000-square-meter area, will be operational in the second quarter of 2026, and the facility is designed to achieve a manufacturing capacity of 12 GW annually and support around 2,000 jobs, which will help the region.</p>
<p>Dan Shugar, founder and Chief Executive Officer at Nextpower, said, “Saudi Arabia is a strategic market for Nextpower as we expand our ability to serve customers across the Middle East. The Kingdom is making significant progress in advancing the energy transition, and we’re proud to support these monumental initiatives with proven solar technology and trusted local partnerships. Abunayyan Group’s regional expertise and alignment with our business focus make them the right partner to help deliver greater value for customers in the region.”</p>
<p>The partners anticipate about $88 million in funding over the next two years to build out the facility and strengthen the joint venture’s operations. This capital will facilitate the buildout of the state-of-the-art manufacturing facility and development of highly skilled technical and engineering capabilities with a track record in operational excellence.</p>
<p>Last month, Arabian Qudra, a subsidiary of Abunayyan Holding and a regional project developer in the power and water sector, <a href="https://www.mercomindia.com/mena-weekly-round-up-acwa-power-bapco-energies-sign-solar-plus-bess-deal" target="_blank" rel="noopener">announced</a> an agreement with the Saudi Water Authority to develop the country’s first floating solar project.</p>


Abunayyan–Nextpower Joint Venture Advances Utility-Scale Solar Across MENA

<p><a href="https://www.nextenergycapital.com/" target="_blank" rel="noopener">NextEnergy Capital</a> (NEC), an investment firm and asset manager, closed an $896 million fundraise for NextPower III ESG (NPIII ESG), a private fund that focuses on the international solar infrastructure sector, principally targeting projects in selected OECD countries, including the US, Portugal, Spain, Chile, and Poland.</p>
<p>The capital raised is above the target of $750 million and makes this NEC’s largest private fund to date. The capital was committed by a pool of top-tier and diversified investors, including pension funds, insurance companies, fund-of-funds, and family offices. The investor base came from nine countries.</p>
<p>According to the company, including co-investments closed to date, the total capital pool for its investment strategy exceeds $905 million.</p>
<p>NPIII ESG’s current portfolio has an installed capacity of 742 MW spread across 23 projects and two portfolios, having assessed more than 35 GW, while the fund has a further 521 MW in exclusivity and 3 GW under review.</p>
<p>“We are thrilled to announce the final close of NPIII ESG, having secured total capital commitments well above our target of $750 million from new and existing investors. There was enormous investor interest in the fund as investors’ appetite towards solar, ESG, and sustainability funds continued to grow. I am looking forward to the continued development of the fund’s portfolio, given the depth and quality of its current pipeline,” said Michael Bonte-Friedheim, founding partner &amp; chief executive officer at NextEnergy Capital.</p>
<p>According to Mercom’s recently published Q4 2021 solar funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2021-solar-funding-ma-report/">report</a>, more than $30 billion was raised by 20 newly established funds that focus on renewable energy investments in 2021, compared to $18.1 billion raised by 19 new funds in 2020.</p>
<p>Earlier this month, NextEnergy Capital <a href="https://www.nextenergycapital.com/news/nextenergy-capital-announces-record-fundraise-of-896-million-for-nextpower-iii-esg/" target="_blank" rel="noopener">announced</a> the sale of the entire portfolio of operating solar projects owned by NextPower II (the Fund) in Italy. The Fund’s portfolio comprises 105 individual solar plants for a total installed capacity of 149 MW. Its projects are located across Italy, in regions including Piedmont, Lombardy, Veneto, Tuscany, Puglia, Sardinia, Calabria, Campania, March, Molise, Abruzzo, and Emilia-Romagna.</p>


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