Meyer Burger plans to propose an ordinary capital increase of CHF 250 million at the next general meeting. The funds will increase the annual production capacity of photovoltaic cells and solar modules by 3GW.
A desire to expand
Meyer Burger will request an ordinary capital increase of CHF 250 million at the next extraordinary general meeting. The group intends to finance an increase of 3GW in the annual production of photovoltaic cells and solar modules. The Board of Directors will propose a vote on this proposal at the October 28 EGM in Tuhn, Switzerland.
This project is part of the decarbonization of industries encouraged by new international legislation. The expansion of solar cell production capacity will be concentrated at the Thalheim site in Germany. Instead, Meyer Burger will produce the solar modules at Goodyear’s production facility in Arizona, USA.
Meyer Burger signed a lease agreement for a 40,000 square meter building in anticipation of the production increase. It will be located near the Thalheim cell factory. The company’s teams will offer the first products from the Goodyear plant by mid-2024.
Increase in production
The company plans to deliver approximately 3GW of capacity by the end of 2024. The Freiberg site in Germany is expected to produce 1.4GW via the production modules. The energy generated will be used to power European homes and small businesses.
The 1 GW produced by the Goodyear plant will also power residential and small commercial customers. In addition, they will benefit DESRI’s plants in the United States. The first production line in Freiberg is currently operating at a full annual capacity of about 400MW.
These figures hold true with the exception of downtime related to site expansion. The launch of the second production line is expected to reach an annual capacity of 1GW from September. At the same time, the extension of the production capacity of the Freiburg plant will enable us to aim for an annual capacity of 1.4GW.
A beneficial partnership
The relationship with DESRI facilitated Meyer Burger’s entry into the U.S. utility industry. In addition, the company is demonstrating its ability to obtain a rate increase in the residential and industrial segments. The high technicality of the Swiss group’s products makes the difference.
DESRI’s long-term supply agreement includes the purchase of a minimum of 3.75GW of solar modules. A contract that provides a guaranteed fixed base price. The contract also includes an option to expand to 5GW.
The Board of Directors anticipates Meyer Burger’s eligibility for a tax abatement under the Inflation Reduction Act (IRA). As a result, consumers should receive discounts on U.S.-made modules. In addition, the company will propose the issuance of new shares also subject to a vote.
