US solar tracker manufacturer Array Technologies has completed its acquisition of wire management, cable protection and balance of system (BoS) solutions company Affordable Wire Management (AWM).
The deal, valued at US$203 million, was first announced in July and completed this week. The companies said they expect the acquisition to drive “at least high single digit” growth in Array’s adjusted earnings per share in the first year following the completion of the deal.
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According to AWM, 40GW of its products have been deployed at solar PV projects and battery energy storage systems (BESS) around the world, including projects involving some of the largest offtakers in the US. For instance, the company manages cable routing for over 1.2 million solar panels at a Utah solar project with a power purchase agreement (PPA) in place with western US utility PacifiCorp, which will supply power to tech giant Meta.
Over the last two years, AWM has launched new products for use in the BESS and utility-scale solar sectors, the Strata wire management system and the Gen 5S Arden Hangers, respectively, which mirrors Array’s own investment in new products to diversify its portfolio. In July, Array launched the Atlas suite of foundation-to-tracker solutions to improve connectivity between its trackers and foundations provided by APA Solar Racking, which it acquired last year.
“Combining AWM’s wire management and balance-of-system products with ARRAY’s tracking, fixed-tilt, and foundation platform creates compelling opportunities to deliver integrated solutions engineered to work together,” said AWM chief technology officer and co-founder Dan Smith. “We believe this combination will enable us to simplify design, improve installation and reduce costs for customers.”
The news follows strong financial results in the second quarter for Array, which posted revenue of US$342.1 million and said that it expects its revenue to be as high as US$330 million in the third quarter of this year.
