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Oaktree Capital's power unit invests in solar tracking firm Array Technologies

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Oaktree Capital's power unit invests in solar tracking firm Array Technologies

'spower investment arm, GFI Energy Group, has closed financing for its investmentin solar panel tracking system company Array Technologies Inc.

GFIEnergy Group enlisted Jefferies, which closed on a $200 million first-lien termloan, according to LCD, an offering of S&P Global Market Intelligence.Additional financing for Albuquerque, N.M.-based Array included a $40 millioncredit facility, though terms were not made public.Array manufactures technology that automates utility-scale and residentialsolar systems to track the sun during the day to optimize power generation.

Thedeal comes roughly two years after Oaktree formed its Oaktree PowerOpportunities Fund IV, which garnered equity commitments of $1 billion,according to Oaktree. Since 1995, Oaktree hasattracted more than $3 billion in equity capital for power sector focusedinvestments through various funds.

"Asa result of our significant investment experience over many years throughoutthe renewable energy supply chain, we are very familiar with the trackeroptions available to solar asset owners, developers and EPC," OaktreeSenior Adviser and Array Executive Chairman Brad Forth said in a statement July12. "We expect that customers will demand robust solutions,and that the advantages and reliable performance of Array's products willbecome increasingly manifest and important."

Thedeal was granted early termination of premerger information disclosures by theFederal Trade Commission on July 1, with Array founder and CEO Ron Corioauthorizing the acquisition. "Thisinvestment is a strong vote of confidence in our business by one of the mostseasoned and well-respected investors in the energy industry," Corio saidin a statement.

GFIEnergy Group Managing Director Ian Schapiro did not immediately respond torequests for comment.

SNL Energy and LCD areofferings of S&P Global Market Intelligence, which is owned by S&PGlobal Inc.