Indian solar glass manufacturer Borosil Renewables is acquiring European peer the Interfloat Group in a deal it said will enable a more efficient supply of PV glass to customers in Europe.
The acquisition will see Borosil increase its solar glass output by 66% as it plans to leverage its technology to bring greater productivity and a lower carbon footprint to the European entity.
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Comprising two companies – Germany-based GMB Glasmanufaktur Brandenburg and Liechtenstein-based Interfloat Corporation – Interfloat Group is the largest solar glass producer in Europe, with a current capacity of 300 tones per day (TPD), according to Borosil.
Borosil plans to invest in production at GMB’s production plant in Germany, introducing new environmental standards while increasing its output to 500 TPD.
“We believe that by leveraging the existing synergies and several complementary skill sets offered by the two companies, we will be able to serve our customers better,” said Borosil executive chairman Pradeep Kheruka.
Alongside the expansion in Germany, Borosil is aiming to increase its total glass manufacturing capacity to 2,600 TPD by 2025, which will enable it to supply glass for more than 15GW of modules.
According to Interfloat Group, its planned production hike will allow it to provide more solar glass to European solar panel producers whose supply chains are currently disrupted.
“In such difficult times, when the European industry suffers from soaring gas prices, a strong international partner will ensure the European production of clean energy,” Christian Kern, Interfloat Corporation chairman and former Austrian chancellor, said of the acquisition. Kern will continue to serve on the board of Interfloat at Borosil’s request.
Interfloat had a consolidated net revenue of around €60 million (US$64 million) last year.