Array Technologies, a manufacturer of solar technology, has agreed to sell up to $500m of stock to private equity firm Blackstone Energy Partners.

“This investment and its terms underscore the preeminent position that Array occupies in the solar industry and is a tremendous validation of the company’s long-term growth potential,” said Brad Forth, Chairman of Array Technologies.

“Investing in Array is an opportunity for us to partner with an established solar industry leader and highlights Blackstone’s commitment to investing in companies that are enabling the transition to clean energy,” said Bilal Khan, Senior Managing Director of Blackstone.

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About Blackstone

 Blackstone is one of the world’s leading investment firms. They seek to create positive economic impact and long-term value for their investors, the companies they invest in, and the communities they work in. They do this by using extraordinary people and flexible capital to help companies solve problems. Their $649 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets, and secondary funds, all on a global basis.

About Array Technologies

It is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world’s largest manufacturers of ground-mounted systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company’s focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry’s best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia.

Source:Green Tech Lead

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