Flex, the parent company of solar tracker manufacturer Nextracker, has agreed to sell $500 million in equity in Nextracker to TPG Rise Climate. Flex and Nextracker have also entered a separation agreement to separate operations of the two businesses.

TGP Rise Climate is a subsidiary of TGP Rise, a global investment firm.

“We are pleased to announce this exciting partnership today that furthers Nextracker’s leadership, backed by this strategic investment from TPG Rise Climate,” said Revathi Advaithi, CEO of Flex.

Since 2018, TPG Rise has made multiple investments in Fourth Partner Energy, a distributed solar company based in India; in 2020, it financed and launched Matrix Renewables which now has a 2 GW portfolio of operational or under construction renewable energy projects with a further 2 GW of development pipeline of across Europe, the United States and Latin America.

“Nextracker has established itself as leader in the solar tracking space by developing and deploying best-in-class product quality, technology, value and flexibility,” said Jonathan Coslet, vice chairman of TPG. “As global solar installations continue to grow across the U.S. and globally, Nextracker is well-positioned to be the long-term tracking provider of choice for solar developers and EPCs.”

Flex will report the Nextracker business as a separate operating segment in the future.

News item from Nextracker