- Midsummer has signed a grant agreement with the EU as one of the winners of the EU Innovation Fund
- It regulates the timetable for the construction of the 200 MW solar cell factory, dates for payments of the grants, counter-financing, etc.
- The company is now looking for counter-financing since the disbursement of the EU financing depends on the company securing entire financing needed for the project
Midsummer, the Swedish CIGS thin-film solar cell producer, has finalized negotiations on the conditions of the EU grant under the Innovation Fund, thus moving forward on its planned 200 MW solar cell factory in Sweden. It now plans to bring the factory online during Q1/2026.
Before that, by 2025 it will target to install equipment and test production for functionality tests, secure certification of the factory and train staff as per the grant agreement signed. The agreement regulates the timetable for the construction, dates for payments of the grant, counter-financing, and the like.
One of the winners of the EU Innovation Fund round 3, Midsummer won €32.3 million funding in July 2023. The disbursement of the initial grant payment is incumbent on the project securing the entire financing required.
The manufacturer says the EU grant will cover around 50% of the counter-financing that is required for the grant to be awarded. It is now looking at options for counter-financing which may include a combination of capital, loans and other public financing.
The 200 MW solar cell factory will expand the group’s total annual solar cell production capacity to 250 MW, with the addition of 50 MW factory it is building in Italy. By 2030, Midsummer aims to expand its total production capacity to exceed 1 GW.
Soon after winning the EU funding, Midsummer announced an ‘efficiency’ program to cut down manpower in Sweden and secure resources for its Italian plant (see Sweden’s Midsummer To Lay Off Employees).
