ENERGY
Albuquerque’s Unirac purchases solar racking business for $5 million
Terrasmart purchase ‘leverages a platform that we’ve built to service our existing customers’
If your commercial or residential property uses solar energy, it is possible the panel racks were provided by Unirac Inc., a company whose capabilities are now scaling up after purchasing its competitor.
The Albuquerque-based company said last week it acquired Terrasmart, a solar racking and foundation business, from Gibraltar Industries for $5 million. Unirac, founded in 1999, manufactures the racks on which solar panels sit.
“It leverages a platform that we’ve built to service our existing customers,” said Unirac CEO Peter Lorenz.
The deal expands Unirac’s platform by adding Terrasmart’s ground-mount, tracker and canopy solutions for commercial and distributed generation markets, Lorenz said. Unirac previously focused on rooftop solar panels, but he said the acquisition is “really filling a product gap.”
Lorenz declined to provide the number of jobs the deal will create but said Unirac employs about 250 workers across the U.S.
The acquisition is a “great way to expand our leadership in the solar industry, which is changing,” Lorenz said, referencing President Donald Trump’s “One Big Beautiful Bill,” which has hamstrung the renewable energy industry.
The bill, signed into law in July 2025, terminated the 30% federal residential solar tax credit and phased out commercial credits nearly a decade earlier than scheduled. This means homeowners who installed systems after Dec. 31 can no longer claim federal tax incentives.
Lorenz said the bill has had a significant short-term impact on demand for solar energy but anticipates this trajectory will evolve.
“In the long run, I think the future of solar is bright because your utility rates are getting more and more expensive, and this country needs power everywhere,” he said. “But in the short term, it has been pretty disruptive.”
He continued, “As the market is changing, it really allows us to expand our leadership, and I think it demonstrates that Unirac is a strong player who can invest even in challenging times.”
The recent acquisition continues Unirac’s expansion efforts. In 2023, the company took over roughly 128,000 square feet of the U.S. Bank building in Downtown Albuquerque for its core business operations, sales, engineering and training.
Lorenz said he looks forward to seeing the company’s continued growth following the deal.
“When you have scale, you can afford to invest even when the market is more challenging and you’re selling less,” Lorenz said.
Keelin Fisher is a business reporter for the Journal. You can reach her at kfisher@abqjournal.com.