Heterojunction cell and module manufacturer Meyer Burger is looking to raise funds to accelerate its expansion as it enters the utility-scale segment.
The Switzerland-headquartered company is planning an ordinary capital increase through a rights offering, targeting gross proceeds of up to CHF250 million (US$253 million).
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With the proceeds from the capital increase, management aims to finance the expansion of PV cell and module production capacity in Germany and the US, with a goal to reach 3GW annual production capacity for each by year-end 2024.
As detailed by PV Tech Premium last month, Meyer Burger is planning to have 3GW of cell manufacturing capacity in Germany and 1.5GW of module production in both Germany and the US.
The company said its recent supply agreement with US independent power producer D. E. Shaw Renewable Investments (DESRI) reflects an opportunity for accelerated growth.
That deal will see Meyer Burger supply 3.75 – 5GW of modules between 2024 and 2029 for use in DESRI’s utility-scale solar projects.
“The relationship with DESRI allows Meyer Burger to accelerate its entry into the utility-scale segment and to fast-track the recognition of Meyer Burger modules to be used in large-scale utility installations,” the manufacturer said in a press release today.
The company is also aiming to benefit from policies supporting solar deployment such as the European Union’s REPowerEU programme and the US’s Inflation Reduction Act (IRA).
Management anticipates that Meyer Burger will be eligible to receive a tax credit under the IRA in connection with modules manufactured in the US. A portion of the tax credits received, if any, is expected to be passed on to customers in the form of price reductions, the company said.
First product deliveries from the firm’s US manufacturing plant, located in Goodyear, Arizona, are expected around mid-year 2024.