- India’s BRL will acquire 100% stake in Interfloat Group of Germany that’s claimed to be the largest solar glass manufacturer of Europe
- Interfloat’s GMB operates a production capacity of 300 TPD currently which BRL has plans to expand to 500 TPD by 2023
- Counting in its 450 TPD capacity in India at present, BRL says this expands the company’s overall manufacturing capacity to 750 TPD
- The move de-risks its production from a single location while expanding its customer base in Europe with a low carbon footprint
India’s only solar glass manufacturer Borosil Renewables Limited (BRL) is set to acquire 100% stake in what it terms as the ‘largest manufacturer of solar glass’ in Europe, the Interfloat Group which would scale up its output to 750 tons per day (TPD).
The Interfloat Group comprises GMB Glasmanufaktur Brandenburg GmbH (GMB) located in Tschernitz, Germany that manufactures solar glass, and Interfloat Corporation, based in Ruggell, Liechtenstein that supplies the solar glass produced by GMB.
Catering to solar PV, solar thermal and greenhouse glass markets, GMB has 300 TPD capacity making it Europe’s largest solar glass producer, while BRL operates 450 TPD. With the acquisition, BRL will expand its overall TPD production capacity to 750 TPD and also bring it closer to its customer base in Europe while reducing the carbon footprint of its European operations.
BRL’s move to manufacturing in Europe is guided by anticipated demand for solar in the continent with a ‘diversified and reliable supply chain with domestic roots’. “This is especially true after the unpleasant shocks faced due to ongoing disruptions with the existing supply chain impacting availability of critical components like solar glass,” stated BRL.
The move is also targeted by the BRL management at de-risking production from a single location.
BRL aims to grow its overall production capacity to 2,100 TPD by CY2024. In the interim it plans to expand the capacity to 1,000 TPD in September 2022, growing to 1,550 TPD by the end of 2023-24 (see Indian Solar Glass Maker To Strongly Expand Capacity).
The Indian manufacturer said it will also expand the GMB plant in Tschernitz to 500 TPD by 2023 which would take its cumulative capacity to 2,600 TPD in India and Europe and enable it to supply solar glass to support more than 15 GW of solar modules from 2025.
For reference, 450 TPD is equivalent to the production of 2.8 GW of solar modules annually, and 1,000 TPD equivalent to 6.25 GW module capacity.
Financial offer
Borosil will buy GMB for €24.91 million in cash and an additional amount which will be determined basis performance in CY2024, CY2025 and CY2026, but not exceeding 50% of GMB’s EBIT. For Interfloat, the company has offered a cash consideration of €5.09 million, swap of shares equivalent to €22.5 million and additional amount to be determined basis company’s performance in the 3 CY as specified above. The acquisition is expected reach a close within 6 to 18 weeks. Financial details were declared by BRL to the Bombay Stock Exchange.
“With the capacity expansions planned in India and Europe in the near future, we expect to enhance the reliability of our supply chains for our customers. On this journey, our unremitting efforts shall remain focused as always on reducing the overall carbon footprint of our operations,” stated BRL’s Executive Chairman Pradeep Kheruka.
