Nextpower Powers Up Shareholder Returns with a $500M Share Repurchase – Buyback Wednesdays

Electricity demand is accelerating, driven by data centers, AI infrastructure, and broader electrification trends. Meeting this demand requires building generation capacity that is fast, clean, and scalable. The International Energy Agency projects that solar PV will account for approximately 80% of global renewable power capacity growth over the next five years, with solar poised to become the world’s largest electricity source by 2033.

If solar is the engine of this transition, then the companies that help solar projects produce more electricity per acre, per dollar, and per year become the picks and shovels of the boom. That is where Nextpower (NXT) enters the picture. It has spent more than a decade building the tracking systems that tilt and rotate panels to follow the sun, squeezing more output from the same project footprint.

Wood Mackenzie reported the global tracker market hit a record 111 GWdc  (gigawatts direct current) of shipments in 2024, with Nextpower ranked number one for the tenth straight year, capturing 26% share and shipping 28.5 GWdc.

What makes Nextpower even more compelling is that it is no longer just a solar tracker company. It has been steadily turning itself into an end-to-end solar technology platform, backed by a rebrand, a record backlog, and a growing set of products that lets it capture a bigger share of each project’s spend. And when it recently announced a $500 million share repurchase, I thought it was the right moment to dig in and explore the business.

Nextpower Inc. (NXT): $117.94

Market Cap: $18.09B

Enterprise Value: $17.19B

Key Insights

• Nextpower is still being led by its founder, Dan Shugar, providing continuity, vision, and strong founder-led execution.
• The company is expanding from solar trackers into a broader utility-scale solar platform, aiming to triple project revenue per customer.
• It has delivered strong financial performance, growing its revenue at a CAGR of 20% over the last 5 years. FY26 Q3 results reinforced this momentum, beating estimates and a record backlog.

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