US solar tracker manufacturer Array Technologies has acquired APA Solar, a producer of foundations and fixed-tilt racking for solar projects.
Array said that, after the transaction closes, it will begin offering integrated tracker and foundation systems as well as standalone foundations and trackers.
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The deal values APA at around US$179 million, excluding its Section 45X tax credits, comprised of US$168 million of upfront cash consideration and US$42 million of deferred consideration, less US$31 million of net present value of tax benefits generated as a result of the transaction.
The deal is conditional on the continued employment of APA’s CEO and COO, Josh and Joe Von Deylen, and is expected to close in Q3 2025.
Kevin G. Hostetler, CEO of Array Technologies, said the deal was “a strategic move that strengthens our capabilities and expands the value we deliver to our customers.”
“Demand for engineered foundations is growing rapidly because of their ability to make projects in areas with more challenging soil conditions economically viable. APA has a proven foundation system that performs in the toughest soil conditions, and is more efficient and less costly to install than competitors’ offerings,” he continued.
Tracker firms are increasingly gearing themselves towards operating in adverse conditions, whether in terms of soil or weather. As solar PV proliferates in more places, the technology is exposed to more extreme and sub-optimal environments. Array Technologies, for its part, recently unveiled a tracker specifically for hail- and wind-prone regions.
Domestically made trackers
The company also highlighted the domestic content in its new tracker and foundation offerings. APA’s foundations and fixed-tilt racking are produced in Ohio and, according to Array, are eligible for incentives “tied to domestic content”.
In March, Array claimed it would be producing 100% domestically made trackers in the first half of 2025.
The incentives for domestic content are less certain than they were six months ago. The US Senate is currently deliberating a budget reconciliation bill which, in its current form, will dramatically alter and – in many cases – eradicate tax incentives introduced under the Inflation Reduction Act (IRA).
Domestic content is likely to be popular among both Republican and Democrat senators, but the specifics of the policy are currently unclear.
Prior to the changes, the IRA awarded an extra 10% tax credit to projects eligible for base IRA incentives if they met a 40% threshold for “US-made” products.
