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ALBUQUERQUE - Array Technologies (NASDAQ:ARRY), a $926 million market cap solar tracking technology provider with annual revenue of $1.06 billion, announced Tuesday it will provide solar trackers meeting 100% domestic content requirements for a 200 megawatt solar project in Indiana being developed by ENGIE North America. According to InvestingPro analysis, the company is currently undervalued and analysts expect both sales and net income growth this year.
The project marks Array’s first full-site deployment of trackers that qualify for the maximum 28.7% Assigned Cost Percentage (ACP) under U.S. Treasury Department guidance issued in January 2025. This includes the 9.4% production ACP available exclusively for projects using trackers with domestically manufactured components. The company’s strong liquidity position, with a current ratio of 2.39, supports its ability to execute such large-scale projects.
Located about an hour north of Indianapolis, the Emerald Green Solar project will be constructed entirely with Array’s OmniTrack trackers. The company partnered with a third-party tax advisory firm to validate compliance with federal guidelines.
"This milestone underscores Array’s commitment to American manufacturing and to helping our customers unlock the full value of tax credit incentives," said Kevin G. Hostetler, chief executive officer at Array.
David Carroll, Chief Renewables Officer at ENGIE North America, noted that the project will use steel rolled locally in Indiana and will employ more than 250 construction workers.
Deliveries of the trackers are expected to begin in the third quarter of 2025.
Array Technologies, headquartered in the United States, provides solar tracking technology to utility-scale and distributed generation customers globally. With a projected revenue growth of 24% for fiscal year 2025, the company is positioned for expansion. The announcement was made in a company press release. For detailed financial analysis and 12 additional exclusive insights about Array Technologies, visit InvestingPro, where you’ll find comprehensive research reports and expert analysis.
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