By Aarti Dhapte, 19 December, 2022
In October 2022, Unirac, Inc. announced that Greenbelt Capital Partners has led a majority recapitalization of the company. Unirac is one of the leading designers and manufacturers of solar photovoltaic (PV) mounting systems for residential and commercial sites. As part of the transaction, Greenbelt Capital Partners Unirac L.P. and Trilantic Energy Partners II L.P. participated as investors. There will still be a significant stake owned by Tenex Capital Management and Unirac's management team.
As a result of this investment, Unirac will be able to continue developing new products and strengthening its supply chain resiliency. The Unirac product line provides solutions for all types of environments, roof materials, project designs, and installation types, and have an outsized impact on the ease of installation when compared to cost. Consumer preferences are changing, the cost of solar is decreasing, and recent legislation extends the 30% Investment Tax Credit (ITC) for a 10-year period, which has supported residential and commercial solar adoption. Despite being huge, the U.S. residential market and commercial and industrial markets are underpenetrated. Only 5% of viable homes and fewer sites with commercial and industrial applications are equipped with solar. By using Unirac products, customers can reduce their carbon footprints, decrease their electricity bills, and save money on their monthly utility bills.
According to Sam Graham, Principal at Greenbelt, there has been a rapid evolution in the energy landscape as residential and commercial property owners rethink consumption patterns and seek to become more energy resilient and independent. Using the ITC extension in the Inflation Reduction Act, Unirac's market position will be further bolstered by accelerated rooftop solar adoption.
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