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Highlights

  • ARRY to acquire APA Solar for USD 179 million in cash, deferred payments, and performance-based earnout
  • The company expects acquisition to be accretive to adjusted earnings in year one before synergies.
  • ARRY aims to offer integrated tracker and foundation solutions through APA Solar acquisition.

Array Technologies, Inc. (NASDAQ: ARRY), a U.S.-based manufacturer of solar tracking systems for utility-scale solar energy projects, has entered into a definitive agreement to acquire APA Solar, LLC, a provider of foundation solutions and fixed-tilt mounting systems, in a deal valued at approximately USD 179 million. The acquisition is expected to close during the third quarter of 2025.

APA Solar provides engineered foundation and racking solutions for solar power installations. The acquisition will enable Array Technologies to expand its product portfolio and offer an integrated tracker and foundation platform an offering that has seen growing demand across the solar infrastructure market.

Array stated that the acquisition structure includes USD 168 million in upfront cash and USD 42 million in deferred consideration, offset by USD 31 million in net present value of tax benefits resulting from the transaction. The deferred payments will be made in two equal installments, and an earnout agreement could provide up to USD 40 million in Array stock, contingent upon APA achieving certain EBITDA performance targets. APA Solar generated approximately USD 129 million in revenue in 2024, according to Array’s announcement. While the financial terms of the earnout were not detailed beyond the potential payout, the structure reflects confidence in APA's growth potential and operational performance.

Array CEO Kevin G. Hostetler stated that customer demand has increasingly shifted toward integrated solutions. "The market has been asking for an integrated tracker plus foundation platform with this acquisition, Array will be in a position to deliver it," Hostetler said.

The transaction is expected to be accretive to Array’s adjusted earnings per share (EPS) in the first year, even before taking synergies into account. The strategic combination of APA’s engineered foundation capabilities with Array’s solar tracking systems is intended to streamline procurement and design for solar developers.

The APA acquisition supports Array’s ongoing efforts to broaden its offerings in the solar hardware market. By combining mounting systems with tracker technology under one platform, Array expects to simplify the supply chain for solar developers while capturing more value across the project lifecycle. As the solar industry grows and projects become more complex, the demand for fully integrated structural and tracking systems has increased. Array’s acquisition of APA is aimed at meeting this demand while reinforcing its competitive positioning in the utility-scale solar market.