Array Technologies to acquire APA Solar in $179M deal in Ohio

Array Technologies, a US-based global provider of utility-scale solar tracking solutions, has entered a definitive agreement to acquire APA Solar, a provider of foundation and fixed-tilt systems for solar projects. The deal is valued at approximately $179 million. APA is based in Ridgeville Corners, Ohio, and earned $129 million in revenue and $25 million in EBITDA in 2024. The deal includes $168 million in upfront cash, $42 million in payments over two years, and $31 million in tax savings. The transaction is set to close in Q3 2025, subject to approvals and standard conditions. APA’s products qualify for domestic content incentives. Array plans to offer an integrated tracker and foundation system post-acquisition, while continuing APA’s independent offerings. A $40 million performance-based earnout in stock is also part of the agreement.Recently, Array, which also deployed trackers for Grupo Enhol’s PV projects in Navarre.