Steering solar panels to track the sun made Ron Corio the Land of Enchantment’s richest person. Now, he’d prefer to remain out of the spotlight.
on Corio was a teenager in New Jersey during the late 1970s when the Iranian Revolution triggered worldwide oil shortages, stranding him in bumper-to-bumper gas lines with his new driver’s license. That got him thinking about alternative energies like solar.
The “Godfather of Solar,” as Corio is nicknamed, was ahead of his time, says Array’s former chief engineer John Williamson, who worked at the company from 2007 to 2018. “Very few people were interested in solar in the late ‘80s, so he was kind of an outsider in the engineering world, and there were many points in his career where people told him that it was a waste of time or that he should go get a real job,” Williamson says.
“He told Oaktree no and I thought he was nuts,” Russell says. “You had this air pocket in the industry for a year and a half while the investment tax credit got ironed out [with a five year extension by Congress in December 2015]. But he stuck with it and Array had a sales pipeline in front of it when Oaktree came back in 2016.”
Corio retained an estimated 38% stake in Array as part of the deal and remained on the company’s board as it geared up to go public. With sales of nearly $900 million and 17% of a booming industry’s global shipments under its belt , Array debuted on the Nasdaq in October 2020. The timing could not have been better.
Investors didn’t find the timing of Oaktree’s stock sales funny, filing a series of ongoing lawsuits claiming they were misled by management, Corio and Oaktree, among others, about the impact of rising costs in order to force through the IPO and seasoned offerings at higher prices.
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