US based solar PV tracker manufacturer GameChange Solar has signed an agreement with Chinese EPC service provider CEEC-ZTPC for a tracker supply deal for Egypt for a total of 560 MW.
Developed by AMEA Power in the country's Aswan Governorate, the Kom Ombo Solar Project is scheduled to come online in Q1/2025. GameChange Solar will ship its Genius Tracker 1P 2R system for the same.
GameChange's Chief Commercial Officer Derick Botha said, "We believe our solar trackers will unlock the potential of this project, supporting energy yield and reducing the carbon footprint."
Recently, Bloomberg reported the US tracker company was headed towards an initial public offering (IPO) and has confidentially filed for one to be launched in 2024 with an expected valuation of up to $3 billion.
If the rumors are true, GameChange will become another US solar tracker firm to go the IPO way after Nextracker. The latter raised $638 million in an IPO launched in February 2023 (see Nextracker Raises $638 Million With IPO). Array Technologies and FTC Solar went public too in 2020 and 2021, respectively.
The US public market financing seems to be a good option as of now for solar companies to raise money, thanks mainly to the Inflation Reduction Act (IRA) boosting domestic manufacturing capacity aligned with the growing demand for solar.
According to Mercom Capital Group, in H1/2023 the IRA contributed to public market financing going up 103% YoY to $6.7 billion (see Private Money For Solar On The Rise). In 9M/2023, it pegs the total solar public market financing at $7.2 billion, a 47% jump over the same period last year.
However, the Bloomberg report added that GameChange's plans and timing for an IPO could still change.