Solar racking provider Unirac secures more PE firms as investors

Middle-market private equity firm Greenbelt Capital Partners has led a majority recapitalisation investment of an undisclosed amount in US solar racking and mounting solutions provider Unirac Inc.

Greenbelt Capital Partners Unirac LP was joined in this transaction by Trilantic Energy Partners II (North America) LP and its parallel fund.

Based in Albuquerque, New Mexico, Unirac designs and manufactures solar photovoltaic (PV) racking and mounting systems for the residential and commercial and industrial (C&I) markets in North America. To date, it has more than 1.5 million distributed generation (DG) installations.

Unirac estimates that solar arrays have so far been installed in only about 5% of viable homes and even fewer C&I sites in the US.

“The energy landscape is rapidly evolving as residential and C&I property owners rethink patterns of consumption and strive to gain energy resilience and independence. Following the Inflation Reduction Act’s extension of the ITC, we expect to see accelerated adoption of rooftop solar, which will help further bolster Unirac’s market position,” stated Sam Graham, Principal at Greenbelt.

Unirac has been owned by Tenex Capital Management since 2016 and the buyout firm will continue to own a significant stake in the business alongside key members of Unirac’s management team, according to the announcement.

Choose your newsletter by Renewables Now. Join for free!