Nextracker Announces Investment, Partnership with TPG Rise Climate

Flex announced that it has entered into an agreement to sell $500 million of convertible preferred equity in Nextracker to TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise.

Through this strategic partnership and investment from TPG Rise Climate, Nextracker will contin-ue to expand its market leading position in solar tracking and software solutions. TPG’s experience and extensive network in renewable energy provide Nextracker a strong partner to support long-term growth.

“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, Flex CEO.

“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 chair-man of TPG.
 
Flex and Nextracker have also entered into a separation agreement to formally separate the opera-tions of the two businesses and have agreed to a transition services agreement to efficiently transi-tion the Nextracker business into a separate business. Flex will report the Nextracker business as a separate operating segment in the future.

“We continue to look at the market and will evaluate the right time to do a transaction, but we re-main committed to creating value for shareholders,” Advaithi added.