ARRAY Technologies, a company that provides solar tracking technology products, software, and services for utility-scale solar energy projects, has entered into a definitive agreement to acquire APA Solar, a provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects.
Jefferies acted as the exclusive financial advisor, and Kirkland & Ellis acted as the legal advisor to ARRAY in connection with the transaction. Donelly Penman & Partners acted as exclusive financial advisor, and Rupp, Hagans & Bohmer, and Eastman & Smith as legal advisors to APA.
The transaction values APA at approximately $179 million or 7.6 times trailing twelve months EBITDA, excluding 45X credits. It consists of $168 million in upfront cash consideration and $42 million in deferred consideration, with a net present value of tax benefits generated from the transaction of less than $31 million. The transaction is expected to close in the third quarter of 2025.
This acquisition helps leverage ARRAY’s solar tracking technology and APA’s foundation solutions, offering ARRAY an integrated tracker and foundation system. This integrated product is said to provide EPCs and developers with a domestically manufactured, easy-to-install solution for the hard, mixed, and frost-heave soil conditions that are increasingly prevalent in new solar projects.
The acquisition is also expected to increase ARRAY’s Adjusted EPS in the first year prior to the synergies.
“Joining forces with ARRAY is a tremendous opportunity for our team and our customers. With our shared commitment to innovation and excellence, we’re excited to combine our strengths to drive even greater value for our solar industry partners. This acquisition marks the beginning of an exciting new chapter for our business,” said Josh Von Deylen, Chief Executive Officer of APA.
According to Mercom’s Q1 2025 Solar Funding and M&A report, a total of 19 solar corporate M&A transactions were recorded in Q1 2025, compared to 20 transactions in Q4 2024, and 10% lower than the 21 solar M&A transactions in Q1 2024.
In April, Utility E.ON UK signed an agreement to fully acquire Eco2Solar, a residential and commercial solar installation company. E.ON UK acquired a 49% stake in Eco2Solar back in December 2020. The financial terms of the acquisition were undisclosed.