Valoe secures €15.8 million automated back contact module assembly line order from Ethiopia

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The company said that main financer for the production line was the Development Bank of Ethiopia, which is contributing €9.5 million of the sales price.

PV module assembly equipment supplier Valoe Corporation has secured its long-awaited first order for an automated turnkey back contact module assembly line from an unidentified customer in Ethiopia for €15.8 million. 

Valoe, formerly Cencorp had developed conductive back sheet (CBS) technology and processes to enable lower-cost back contact solar cell modules, reducing cell to string losses and providing higher module conversion efficiencies. 

The company said that main financer for the production line was the Development Bank of Ethiopia, which is contributing €9.5 million of the sales price.

However, the rest of the sales price will be held in shares of the customer company by Valoe, equating to it having a 30% shareholding, making it a manufacturing partner.

Iikka Savisalo, CEO of Valoe said: “The order Valoe received proves that new Finnish knowhow is valued. Valoe trusts the order will improve the company’s possibilities to meet its targets in the future and speed up the expansion of the company’s operations in the world.”

Valoe said that the turnkey assembly line would be delivered sometime in 2016. The company did not disclose the nameplate capacity of the line. 

Ethiopia has plans starting in 2017 to build three 100MW PV power plants in the country. 

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