Meyer Burger says it has secured an extension to its bridge facility agreement due originally on February 14, 2025
It initially raised $39.48 million in December 2024 and extended the facility to $59.5 million
It is also advancing with the indicative proposals received as part of its ongoing M&A process
Heterojunction (HJT) solar cell and module manufacturer Meyer Burger Technology has secured an extension to the maturity date of its bridge facility agreement, expanded to $59.5 million in January this year to February 21, 2025, amid its ongoing merger and acquisition (M&A) process. It was previously set to mature on February 14, 2025.
The management initially announced a $39.48 million loan facility in December 2024, which it said provides it with sufficient liquidity to reach definitive agreements with an ad-hoc group of existing bondholders and US developer D.E. Shaw Renewable Investments (DESRI). In January this year, it expanded the same to $59.5 million.
DESRI was its largest customer having placed an order for 3.75 GW of Meyer Burger’s US-made modules, to be expanded to 5 GW, from which it later pulled out leading to Meyer Burger doubting its ability as a going concern (see Hope Floats For Meyer Burger With Almost $40 Million Bridge Financing).
Meyer Burger is in discussions with DESRI for a new master agreement. Meanwhile, it is selling ‘substantially all of its module production’ from the Goodyear, Arizona factory to DESRI as part of projects agreed upon with the company. It is currently progressing work on the 2nd module production line at the Arizona factory and expects to achieve a full annual capacity of 1.4 GW by the end of 2025.
It had earlier scrapped the 2 GW solar cell production facility project in the US, instead announcing its German cell factory to feed the US module fab (see Meyer Burger Shelves 2 GW US Solar Cell Manufacturing Factory Plans).
As part of its restructuring efforts, Meyer Burger recently sold its wholly-owned Switzerland-based subsidiary Pasan to an unidentified buyer. Pasan manufactures high-precision measurement technology used in the production of solar cells and modules. It also operates a service location in Shanghai, China.
The management is also proceeding in its discussions with select interested parties that have offered indicative proposals to progress towards binding proposals for its M&A process, as soon as possible.
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