Gibraltar Industries, a renewable energy, conservation, residential, industrial and infrastructure markets, and parent company of RBI Solar, expanded its solar energy portfolio further through the acquisitions of TerraSmart and Sunfig.
TerraSmart, a manufacturer of screw-based, ground-mount solar racking technology, used for solar projects installed on challenging terrain, was acquired for $220 million, subject to working capital adjustments. Sunfig, a software solutions provider that optimizes solar energy investments through upstream design, performance, and financial modeling, was acquired for $3.75 million in cash.
Through the transaction, Gibraltar hopes to strengthen its position as a turnkey services provider in the domestic solar energy market by broadening its portfolio of ground-mount infrastructure, tracker and design software solutions, serving customers of any type and/or size on any terrain.
The company estimated that the acquisitions will push Gibraltar to a $700 million solar energy platform within its Renewable Energy and Conservation segment over the next five years.
“Adding TerraSmart and Sunfig to our existing solar business significantly increases our presence in the $14.3 billion domestic solar energy market, strengthens our renewable energy platform and advances our ambition to deliver higher growth and returns,” said Bill Bosway, president and CEO of Gibraltar. “Equally important, this continued investment demonstrates our ongoing commitment to making solar energy the best choice in energy production. We are very excited to have the TerraSmart and Sunfig teams join Gibraltar and help us advance our vision of creating meaningful value for our people, our communities and our shareholders.”
TerraSmart provides screw-based, ground-mount solar racking technology with over ten years of experience in the design, engineering and manufacturing of turnkey field solutions marketed under the GLIDE (fixed-tilt) and TerraTrak (single-axis tracker) brand names. Its proprietary screw-based racking solutions work in a variety of terrains. TerraSmart is headquartered in Fort Myers, Florida, with field operations in Phoenix, Arizona and Selkirk, New York and manufacturing in Columbus, Ohio.
Sunfig provides software solutions designed to optimize solar energy investments and increase project return through upstream design, performance and financial modeling. Its portfolio of solutions includes:
- Sunfig Instant Feasibility Tool (SIFT), a web-based software solution that optimizes solar project design for maximum financial return in real-time using data and analytics.
- APIs that integrate directly into existing software, tools, and processes. APIs include an automated layout for ground mount and commercial rooftops, DC and AC coupled storage modeling, performance and financial modeling, and topography analysis.
- Development services to help optimized increasingly complex contract and project requirements.
News item from Gibraltar Industries