Array Technologies announced it has entered into a definitive agreement to acquire APA Solar, LLC, a leading provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects. The transaction values APA at approximately $179 million, comprising $168 million in upfront cash and $42 million in deferred consideration, less $31 million in net present value of tax benefits.
APA generated approximately $129 million of revenue and $25 million of EBITDA excluding 45X credits in 2024. The acquisition is expected to be accretive to Array’s Adjusted EPS in its first year before synergies, enhancing the company's financial performance and strategic capabilities.
This acquisition marks Array's first step beyond core tracker components, enabling it to offer integrated tracker-plus-foundation systems, particularly for challenging soil conditions. It also diversifies Array into fixed-tilt systems, significantly increasing its total addressable market. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals.
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