Blackstone to Invest as Much as $500 Million in Solar Firm Array

Blackstone Group Inc. will invest as much as $500 million in the solar equipment manufacturer Array Technologies Inc.

Funds managed by Blackstone Energy Partners will buy $350 million in preferred stock from the Albuquerque, New Mexico-based solar company and retain the option to purchase an additional $150 million before July 2023, the companies said in a statement. Bilal Khan, a senior managing director at Blackstone, will join Array’s board as part of the deal.

Blackstone, the world’s largest alternative-asset manager, has made several bets on companies focused on supporting a transition to cleaner energy. The firm has also recently ...