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

October 15, 2020
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

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

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

October 20, 2025
New federal policies in the US will 'cloud' the country’s renewable energy sector, according to a webinar hosted by Wood Mackenzie.
Premium
October 17, 2025
According to Ronak Maheshwari of CRC-IB, there has been a struggle for US renewable power projects to secure necessary equity .
October 17, 2025
A group of over 20 US states are suing the Trump administration for the cancellation of the US$7 billion Solar For All Scheme.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
T1 Energy and Nextracker have agreed to use the latter’s steel module frames at the former’s new 5GW module manufacturing facility in Dallas.
October 16, 2025
Jakson Green and Blueleaf Energy have reached financial close for the 840MWp Bikaner solar projects in Rajasthan, western India. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK