Array Technologies Becomes First Supplier in Australia to Manufacture Solar Trackers Locally for Victorian Renewable Energy Tender 2 (VRET2)

Rhea-AI Summary

Array Technologies (NASDAQ: ARRY) has secured a contract to supply solar trackers for the 130MWdc Glenrowan solar farm, the inaugural award under the Victorian Renewable Energy Tender 2 (VRET2). This initiative is projected to generate 920 jobs and attract $1.48 billion in new renewable energy investments in Victoria. As the first solar tracker company to establish local manufacturing in Australia, Array aims to bolster economic growth while expediting project timelines. CEO Kevin Hostetler emphasized the importance of locally sourced components in advancing Australia’s clean energy transition, aiming for 100% renewable electricity consumption by 2025.

Positive

• Secured a contract for 130MWdc Glenrowan solar farm, enhancing market position.
• Local manufacturing initiative expected to create 920 jobs and stimulate economic growth.
• First company to receive a contract under VRET2, aligning with Victoria's renewable energy goals.

Negative

• None.

• Contracted to supply solar trackers for 130MWdc Glenrowan solar farm
• First supplier contract awarded for Victorian Renewable Energy Tender 2 (VRET2)
• Local manufacturing to create jobs in Australia and spur economic growth
  

ALBUQUERQUE, N.M. and SYDNEY, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array”), a leading provider of tracker solutions and services for utility-scale solar energy projects, has been awarded a contract to supply solar trackers for the 130MWdc Glenrowan solar farm project, a key site for the Victorian Renewable Energy Tender 2 (VRET2) auction. UGL is serving as the engineering, procurement, and construction firm on the project together with developer Pacific Partners.

Array Technologies is the first solar tracker company to set up local manufacturing operations to support solar power projects in Australia, which will create local jobs and help spur economic growth throughout the region.  

“We recognize the need to transition to a clean energy future and producing locally sourced components is an important step in that transition,” Kevin Hostetler, CEO at Array Technologies, said. “Along with the environmental benefits, this decision will help us meet the growing demand for renewable energy utilities, expedite project schedules, and have long-lasting economic benefits for Australia. We are proud to be the first company to provide a locally made tracker and support Australia’s domestic manufacturing base for future renewable energy projects.” 

Array is the first tracker supplier to be awarded a contract for the VRET2 auction, designed to grow renewable energy manufacturing and help Victoria meet its commitment to achieve 100% renewable electricity consumption for its operations by 2025. VRET2 is expected to support the creation of 920 direct jobs and attract $1.48 billion in new renewable energy projects in Victoria. 

A pioneer and global leader in reliable solar tracking solutions, Array Technologies is continuing to lead the way in manufacturing for solar projects in Australia.  

About Array Technologies
Array Technologies (NASDAQ: ARRY) is a leading global renewable energy company and provider of utility-scale solar tracking technology. Engineered to withstand the harshest conditions on the planet, Array’s high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy. Founded and headquartered in the United States, Array relies on its diversified global supply chain and customer-centric approach to deliver, commission and support solar energy developments around the world, lighting the way to a brighter, smarter future for clean energy. For more news and information on Array, please visit arraytechinc.com.

Forward-Looking Statements
This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company's current expectations and projections regarding its business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors.

Media Contact: 
Steve Brecken
H+K Strategies
832-285-4620
Steve.Brecken@hkstrategies.com

Investor Relations Contact: 
505-437-0010 
investors@arraytechinc.com

FAQ

What recent contract did Array Technologies win?

Array Technologies won a contract to supply solar trackers for the 130MWdc Glenrowan solar farm.

How many jobs will the Glenrowan solar farm project create?

The Glenrowan solar farm project is expected to create 920 direct jobs.

What initiative is Array Technologies participating in with the Glenrowan project?

The project is part of the Victorian Renewable Energy Tender 2 (VRET2).

What goals does the VRET2 aim to achieve?

VRET2 aims for Victoria to reach 100% renewable electricity consumption by 2025.

What is the expected economic impact of the Glenrowan solar farm?

The project is anticipated to attract $1.48 billion in new renewable energy projects in Victoria.