ARRAY and Shoals merge to form $2.4B solar infrastructure platform
What's the deal? ARRAY TechnologiesDealroom has a profile for this one. Try Dealroom → and Shoals Technologies GroupDealroom has a profile for this one. Try Dealroom → have agreed to combine in an all-stock merger, creating an integrated energy infrastructure platform for utility-scale solar and battery storage. ARRAY will be the legal acquirer, but Shoals shareholders are set to own roughly 65% of the combined company at closing.
What each side brings: ARRAY makes structural balance-of-system solutions — foundations, trackers and racking. Shoals supplies electrical balance-of-system products, including wire management and power delivery systems for solar and battery storage.
The terms: Shoals shareholders will receive 1.6931 ARRAY shares for each Shoals share. Brandon Moss, Shoals' chief executive officer, will lead the combined company, while ARRAY chief executive Kevin Hostetler becomes a special advisor.
What's the endgame? The companies want to sell a unified design package across both product lines, cutting installation costs and simplifying project execution. They estimate pro forma 2027 revenue of $2.2 billion to $2.4 billion and adjusted EBITDA of $410 million to $480 million, including first-year synergies.
Why now? The merger gives both firms the scale to push into battery storage, data centre infrastructure, and other fast-growing adjacencies. They expect more than $100 million in annual adjusted EBITDA synergies within three years of closing.
What could go wrong? ARRAY has committed to redeem $317.5 million of its Series A Perpetual Preferred Stock, with $161.3 million due within 90 days of closing and the rest in instalments through 2030. The synergy and revenue figures remain preliminary estimates, not guaranteed results.
The signal: By pairing structural and electrical balance-of-system products under one roof, the deal reflects a push toward consolidation and integration in solar supply, as customers seek simpler, lower-cost project delivery across solar and storage.
Read more: marketscreener.com
Image credit: Generated with Gemini
