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.
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.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.