Array Technologies Inc. receives investment from Oaktree Capital
Written By: Stratton Report
July 12, 2016
On July 12, Array Technologies, Inc. a manufacturer of solar tracking solutions, announced an investment made from the Power Opportunities group of Oaktree Capital Management, L.P.
Terms of the investment were not disclosed.
According to the firm, Oaktree’s Power Opportunities group is a private equity investment strategy investing in the energy and power industries.
Per Oaktree, the Power Opportunities group has originated and financed over 70 transactions, representing over $3 billion in equity capital.
Brad Forth, Oaktree Senior Advisor and newly-appointed Executive Chairman of Array observed:
“We are tremendously excited about our investment in Array and the opportunity to partner with management to leverage Oaktree’s significant energy sector experience, network, and financial resources to drive growth domestically and overseas. PV systems with single-axis trackers are cost-competitive on an unsubsidized basis with other forms of generation in an expanding number of regions around the world. As the market increasingly recognizes the significant economic benefits of single-axis trackers, we anticipate that they will continue to gain market share from fixed-tilt systems for utility-scale applications. Further, we believe the resulting reduction in the cost of PV-generated electricity will help stimulate continued growth in the deployment of utility-scale PV worldwide.”
Ron Corio, Founder and Chief Executive Officer of Array remarked: “I am delighted to have found partners with such deep expertise in our industry and with an impressive track record of achieving growth in businesses like ours,” said “We’ve enjoyed tremendous success over the years, and now as the world is waking up to solar energy, we are looking forward to replicating our success and leading market presence globally. Teaming with Oaktree, a group which has broad relationships and experience in the international markets, represents an exciting step forward in our journey as the preeminent provider of solar hardware solutions globally. This investment is a strong vote of confidence in our business by one of the most seasoned and well-respected investors in the energy industry.”