Solar PV solutions provider Nextpower has signed a definitive agreement to acquire the power conversion assets of Spain-based Zigor Corporation and its US subsidiary Apex Power, in a deal valued at approximately US$80.5 million.
The transaction includes US$46 million payable at closing and up to US$34.5 million in potential earnouts. Nextpower also plans an additional US$50 million investment in growth initiatives tied to the acquisition, including accelerating its power conversion market entry and scaling US manufacturing capacity, with production ramping up expected in 2027.
The acquired assets comprise modular, field-deployed inverter technology suitable for utility-scale solar, battery energy storage systems (BESS) and data centre applications, covering 1,500V systems for new installations, 600V and 1,000V configurations for repowering projects, and designed to accommodate 2,000V applications with a maximum capacity of 5.2 MVA.
Dan Shugar, founder and CEO of Nextpower, stated that the acquisition addresses customer demand for integrated power conversion solutions, noting the company will enter the market with products for solar, storage and data centres while expanding US manufacturing. The move is part of Nextpower’s platform expansion strategy, following its rebranding from Nextracker in November 2025 to become an integrated energy solutions provider.
The transaction is subject to Spanish government foreign direct investment approval and other customary closing conditions. Upon approval, the acquired assets will be integrated into Nextpower’s power-electronics platform, while Zigor will continue operating its remaining business independently.
Concurrent with the acquisition announcement, Nextpower released its fiscal year 2026 results ending March 31, reporting full-year revenue of US$3.56 billion, a 20% year-on-year increase, and cumulative global tracker shipments exceeding 160GW, including 50GW of its NX Horizon-XTR terrain-following trackers.
For Q4 FY26, the company posted GAAP gross profit of US$881 million and GAAP net income of US$151 million. It also noted increased bookings for new products and bundles, including record quarterly eBOS bookings and strong adoption of its foundations, robotics equipment and TrueCapture system.
