Array Technologies Boosts Solar Play With $179 Million APA Acquisition

Array Technologies Inc. ARRY on Wednesday said it is set to enhance its solar technology offerings through a definitive agreement to acquire APA Solar LLC, a U.S.-based provider of engineered solar foundation systems and fixed-tilt mounting solutions.

The acquisition is valued at approximately $179 million and is projected to close in the third quarter of 2025, pending customary approvals.

The move marks a significant expansion in Array’s product line, allowing the company to integrate tracker and foundation solutions tailored for challenging soil conditions.

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The transaction expands Array’s total addressable market by an estimated 40% and brings new domestic manufacturing capabilities through APA’s Ohio-based facility.

APA Solar’s engineered foundations enable solar installations on problematic terrains without requiring specialized equipment.

By integrating APA’s innovations with its existing tracker systems, Array expects to offer a seamless and cost-effective solution to utility-scale solar developers and EPCs.

APA will also continue to support fixed-tilt racking products widely used in the Northeast and Midwest commercial markets.

The deal values APA at 7.6x its trailing 12-month EBITDA (excluding 45X tax credits).

The acquisition is projected to boost Array’s adjusted earnings per share by high-single-digit percentages in its first year, even before factoring in cost synergies.

APA leadership, including CEO Josh Von Deylen and COO Joe Von Deylen, will remain onboard to oversee the new Foundation Solutions division.

Array CEO Kevin G. Hostetler noted that demand is rising for solutions that support solar deployment on more complex sites.

He added that integrating tracker and foundation platforms has been a long-standing request from the market, which this acquisition will fulfill. APA’s products also meet the criteria for domestic content incentives, adding an economic edge for U.S. projects.

The purchase includes $168 million in upfront cash and $42 million in deferred payments over two years, contingent on the continued employment of key APA executives.

A performance-based earnout of up to $40 million in Array stock is also linked to future EBITDA targets.

Price Action: ARRY stock is trading higher by 2.29% to $7.60 premarket at last check Wednesday.

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