Array Technologies has entered in an agreement to acquire APA Solar, a foundation and fixed-tilt mounting company based in Ohio. With this acquisition, Array Technologies will begin offering an integrated tracker and foundation system, providing project developers a domestically manufactured, easy-to-install solution for difficult soil conditions that are increasingly prevalent in new solar projects.
Credit: APA Solar
Array will also continue to offer APA’s foundation solutions for other tracker brands as well as APA’s fixed-tilt racking products.
“We are thrilled to announce the acquisition of APA, a strategic move that strengthens our capabilities and expands the value we deliver to our customers. Demand for engineered foundations is growing rapidly because of their ability to make projects in areas with more challenging soil conditions economically viable. APA has a proven foundation system that performs in the toughest soil conditions, and is more efficient and less costly to install than competitors’ offerings,” said Kevin G. Hostetler, CEO of Array. “The market has been asking for an integrated tracker plus foundation platform. With this acquisition, Array will be in a position to deliver it. We have a shared vision with APA for what our combined technologies can achieve for customers and I’m incredibly excited about the new opportunities we will be able to unlock together.”
“Joining forces with Array is a tremendous opportunity for our team and our customers. With our shared commitment to innovation and excellence, we’re excited to combine our strengths to drive even greater value for our solar industry partners. This acquisition marks the beginning of an exciting new chapter for our business,” said Josh Von Deylen, CEO of APA. “This is a pivotal moment for the APA team. With Array, we gain access to expanded resources, additional expertise, and a global commercial platform to scale our business. We’re confident this partnership will enhance our ability to serve customers in the utility scale segment and further drive our operational excellence.”
The transaction values APA at approximately $179 million (excluding 45X credits). Josh Von Deylen and Joe Von Deylen, chief operations officer, as well as the rest of the company’s senior management team, will remain with APA following the closing of the acquisition and lead the new “Foundation Solutions Business” of Array. APA’s headquarters and principal manufacturing operations will continue to be located in Ridgeville Corners, Ohio.
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