Array Technologies (Array), a manufacturer of solar tracking solutions, announced an investment made by funds managed by the Power Opportunities group of Oaktree Capital Management, L.P. (Oaktree). Oaktree has partnered with Array to provide the company with capital and strategic support to expand its global footprint as a leading provider of utility-scale solar tracking solutions. Terms of the investment were not disclosed.
Oaktree’s Power Opportunities group is a private equity investment strategy focused on accelerating the performance of businesses in the energy and power industries. The team seeks investments in leading companies that provide infrastructure, equipment, services and software used in the generation, transmission, distribution, and consumption of electricity and other energy and utility resources. Targeting growing, successful businesses, the Power Opportunities group partners with company management to drive growth and value creation. Since 1995, the Power Opportunities group has originated and financed over 70 transactions, representing over $3 billion in equity capital.
“We are tremendously excited about our investment in Array and the opportunity to partner with management to leverage Oaktree’s significant energy sector experience, network, and financial resources to drive growth domestically and overseas,” said Brad Forth, Oaktree Senior Advisor and newly-appointed Executive Chairman of Array. “PV systems with single-axis trackers are cost-competitive on an unsubsidized basis with other forms of generation in an expanding number of regions around the world. As the market increasingly recognizes the significant economic benefits of single-axis trackers, we anticipate that they will continue to gain market share from fixed-tilt systems for utility-scale applications. Further, we believe the resulting reduction in the cost of PV-generated electricity will help stimulate continued growth in the deployment of utility-scale PV worldwide.”
Brad Forth added, “As a result of our significant investment experience over many years throughout the renewable energy supply chain, we are very familiar with the tracker options available to solar asset owners, developers and EPCs. Our detailed evaluation of the firms in this industry indicated clearly that Array’s solutions offer a very attractive alternative to other tracking systems due to their elegant design, high energy output, reliability, ease of installation and maintenance, and a low lifetime cost of ownership. As the market matures, we expect that customers will demand robust solutions, and that the advantages and reliable performance of Array’s products will become increasingly manifest and important. We believe Array is well-positioned to continue to enhance the economic attractiveness of PV generation and play a critical role is this growing and evolving industry.”
“I am delighted to have found partners with such deep expertise in our industry and with an impressive track record of achieving growth in businesses like ours,” said Ron Corio, Founder and Chief Executive Officer of Array. “We’ve enjoyed tremendous success over the years, and now as the world is waking up to solar energy, we are looking forward to replicating our success and leading market presence globally. Teaming with Oaktree, a group which has broad relationships and experience in the international markets, represents an exciting step forward in our journey as the preeminent provider of solar hardware solutions globally. This investment is a strong vote of confidence in our business by one of the most seasoned and well-respected investors in the energy industry.”