NorSun’s current production capacity for n-type monocrystalline wafers for high-efficiency solar cells is 450 MW at its facility in Årdal, Norway. With the NOK 515 million raised, it plans to expand the factory to 1 GW with production ramp-up through 2020.
- NorSun has received financing worth NOK 515 million ($59 million) to expand its production capacity to 1 GW for n-type monocrystalline wafers
- The proceeds will also help it acquire factory building in Årdal, Norway from the current owner Siva Eiendom, introduce new technologies and reduce unit costs
- Among financiers are Nysnø Climate Investments, ABN AMRO’s Energy Transition Fund, Enova and Innovation Norway
- This funding round makes Nysnø and ABN AMRO as the company’s largest shareholders alongside Scatec Solar and Arendals Fossekompani
Norwegian wafer manufacturer NorSun AS has raised NOK 515 million ($59 million) to fund its plans to double its production capacity to 1 GW of n-type monocrystalline wafers for high-efficiency solar cells from 450 MW at its facility in Årdal, Norway. The proceeds will also be used to introduce new technologies and reduce unit costs.
Increasing its capacity is expected to help the company gain market share; it will also now take the ownership of the factory building in Årdal from current owner Siva Eiendom As. Production ramp-up is targeted through 2020.
“Our current production capacity has been sold out for some time and increased production capacity will be welcomed by our customers,” said CEO Svenn Ivar Fure. “New and substantially upgraded production technology will also enable us to reduce unit costs and remain competitive.”
A total of NOK 230 million ($ 26 million) in equity was raised. The round was led by climate investment company Nysnø Climate Investments and ABN AMRO’s Energy Transition Fund, investing in total NOK 160 million ($18 million), with the remainder coming from existing shareholders. The equity round is accompanied by an additional NOK 285 million ($32.8 million) in loans and grants from Enova and Innovation Norway.
After the capital injection, Nysnø and ABN AMRO are the company’s largest shareholders alongside solar project developer Scatec Solar and hydropower firm Arendals Fossekompani that have also contributed to the fundraising, said NorSun.
While European solar PV lobby association SolarPower Europe has been pushing for an EU industrial strategy for solar now that the market is growing again, German engineering federation VDMA has commissioned study from Fraunhofer ISE that sees solar PV cell and module manufacturing in Germany/Europe with a vertical production chain to be competitive to Chinese fab (see Experts Discuss Possibility Of European PV Production).