Array Technologies increased its senior secured revolving credit facility to $370 million, up from $166 million, extending maturity to February 18 2031. The amendment adds $250 million of new capacity, including $250 million available for letters of credit, and brings in new lenders such as J.P. Morgan, Wells Fargo Securities, PNC Capital Markets, HSBC Bank USA, Royal Bank of Canada, BNP Paribas, Morgan Stanley Senior Funding, and Jefferies, while Goldman Sachs Bank USA remains the lead arranger.
The expansion is intended to strengthen the company’s liquidity profile and provide additional flexibility to support working‑capital needs, capital expenditures, and global growth initiatives. Management highlighted that the increased capacity reflects lender confidence in Array’s strategic direction and its position as a leading utility‑scale solar solutions provider.
Array’s recent financial performance has seen revenue declines, with a 41.9 % year‑over‑year drop in FY2024, but the company has improved adjusted gross margins and adjusted EBITDA in some periods. The credit facility upgrade is therefore a proactive step to ensure sufficient cash flow to fund ongoing projects, manage supply‑chain pressures, and capitalize on growth opportunities in the renewable‑energy market.
CFO H. Keith Jennings noted that “Strengthening our capital structure and improving our funding access were core priorities for ARRAY, and the expansion of our revolving credit facility reflects recognition of our improving outlook and our commitment to disciplined financial management.” The new facility also provides up to $250 million in letters of credit, which can be used to support project financing and customer commitments.
The move signals lender confidence in Array’s ability to navigate the competitive solar market and to execute on its growth strategy, while giving the company a robust financial cushion to manage working‑capital pressures and invest in capital expenditures.
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