Meyer Burger says its modules have qualified for Italy’s tax credit scheme Transizione 5.0
This will provide up to 150% in credits to companies that use EU-made solar cells and modules for their projects
It has also secured its maiden deal for the Italian market under the scheme, with IBC Solar
Europe’s heterojunction solar cell and module manufacturer Meyer Burger Technology AG, which has been struggling to remain afloat financially has a glimmer of hope as its high-performance modules officially qualify for Italy’s incentive program, making them eligible for up to 150% tax credit.
Under its Transizione 5.0 plan, Italy is offering these incentives for commercial solar power projects in the country that use solar modules manufactured within Europe. Meyer Burger says it is the only company on the list to qualify for the highest funding category C.
Specifically, the 3 key requirements to qualify for this highest category of incentives are that the modules need to be manufactured in the European Union (EU), these must use bifacial solar cells also from the EU, and the cells need to have a minimum efficiency of 24%.
Meyer Burger claims that using its modules will enable companies to cover almost 2/3rd of the total project costs for their Italian projects.
Funded from the REPowerEU, Italy’s Transizione 5.0 Tax Credit Scheme updates the tax credit slabs for solar PV production in the EU. It is aimed at supporting adoption of sustainable energy by businesses (see Italy’s Transizione 5.0 Increases Tax Credits For European Solar Modules).
Meyer Burger also signed its maiden supply agreement to supply its HJT modules manufactured at its Freiberg, Saxony factory in Germany to solar EPC provider IBC Solar for the latter’s Italian projects. While the manufacturer shuttered its Freiberg factory in March 2024 following stiff competition from bulging Chinese inventories in European warehouses, it will honor the IBC deal with its existing stock, which it says remains ‘available in sufficient quantities.’
The management said it is now in discussions with additional potential customers for more supply agreements for the Italian market.
The European HJT manufacturer has been facing a financial crunch after its largest customer, US-based DESRI, pulled out of the 5 GW module agreement. It has since secured a bridge loan to maintain liquidity and has also recently extended the facility (see Meyer Burger Extends Bridge Facility Amid M&A Process).