Array Technologies upsizes IPO, now hopes to raise upwards of US$1 billion

Facebook
Twitter
LinkedIn
Reddit
Email
Array Technologies' tracking tech in action in Tucson. Image: Array Technologies.

Array Technologies has upsized its planned initial public offering and updated its pricing, revealing the company intends to raise more than US$1 billion in gross proceeds.

Up to 47.5 million shares of common stock will be made available at a price of US$22 per share. Around 7 million shares are being sold by the company, with the remaining sum being sold by a parent company controlled by investor Oaktree Capital.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

However Array doesn’t stand to receive any of the proceeds from the sale of Oaktree’s shares, meaning the company stands to pocket around US$154 million from the offering.

Details surrounding pricing and the number of shares made available come around three weeks after Array’s intent to list on Nasdaq was made public via a filing with the US Securities Exchange Commission, which initially placed the IPO at a value of US$100 million.

Proceeds from the offering are to be used to bolster working capital, operating expanses and capital expenditure, with the solar tracker provider keen to grow into international markets. The company currently derives around 87% of its revenue from the US market, but expects this reliance on its home market to shrink over time.

It also intends to create new revenue streams to serve existing and new customers, referencing the addition of new products, software and services related to its tracker systems. 

Shares are expected to begin trading later today (15 October 2020), with the offering slated to close on 19 October, subject to closing conditions.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

Premium
July 25, 2025
At the SNEC expo, Carrie Xiao took the temperature of the industry as it seeks a way out of cutthroat competition and squeezed margins.
July 25, 2025
VDE Americas has verified the successful deployment of the hail mitigation function of GameChange Solar’s Genius trackers.
July 25, 2025
Nautilus Solar Energy has entered a US$275 million tax equity partnership with Greenprint Capital to expand its US community solar portfolio.
July 24, 2025
Spanish independent power producer (IPP) Sonnedix has raised €2 billion (US$2.35 billion) through two refinancing transactions in Europe.
July 24, 2025
Spanish energy utility giant Iberdrola has recorded over €3.5 billion in net profits in the first half of 2025 as it continues to expand investments in grid networks and high-value markets.
July 23, 2025
A rise in global tariffs could impact solar PV and battery energy storage system (BESS) installations in the US and EU by up to 10% by 2035.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK