Blackstone Energy Partners has signed an agreement with Array Technologies, one of the world’s largest manufacturers of utility-scale solar technology, to acquire up to $500 million of its perpetual preferred stock.
Under the terms of the agreement, Array will sell $350 million of perpetual preferred stock to Blackstone at the initial closing and up to an additional $150 million of perpetual preferred stock at any time prior to June 30, 2023. Blackstone will receive 7.875 million shares of Array common stock representing 5.8 percent of shares outstanding. In connection with the investment, Blackstone will appoint one member to the company’s board of directors.
Array said it intends to use the proceeds from the initial closing to repay existing debt and fund growth initiatives.
“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