Struggling Swiss solar manufacturer Meyer Burger has started a mergers and acquisitions (M&A) process with one or potentially more interested third-party buyers
This comes as the company extended and increased its bridge finacing facility signed in December 2024.
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At the time the company had secured US$39.48 million to support its restructuring operations after US developer D.E. Shaw Renewable Investments (DESRI) terminated a 5GW supply agreement in the US.
Both companies are currently negotiating a new master agreement, according to Meyer Burger. The new agreement would supersede the master agreement for which DESRI sent a letter of termination in November.
Its module assembly plant in Goodyear, Arizona, is currently selling “substantially all” of its production to DESRI as part of projects agreed upon with DESRI, said Meyer Burger.
Ramp-up of the second module production line is ongoing, with the company targeting to reach an annual nameplate capacity of 1.4GW by the end of the year.
Moreover, the new bridge facility has been extended by nearly a month from the initial maturity det set for 17 January to 14 February, while it increased to US$59.5 million.
This allows the company to draw a tranche of US$11.2 million immediately and provide two additional sub-tranches of up to US$22.4 million, subject to conditions.
A difficult period for Meyer Burger
These latest developments come after a complicated year for the Switzerland-headquartered manufacturer, which started 2024 with the closure of its module assembly plant in Germany to focus on its US manufacturing footprint.
However, in August 2024 the company scrapped its plan to build a solar cell processing plant with an annual nameplate capacity of 2GW in the US state of Colorado. Soon after, the company unveiled job cuts, while its CEO at the time, Gunter Erfurt, stepped down. Less than a week after this announcement, the company named Franz Richter as its new CEO.
Furthermore, in 2024 the company suffered some financial hurdles, with a fivefold increase in net loss registered during the first half of 2024, while results for the second half have yet to be released.
