Borosil Renewables to acquire Europe's biggest solar glass manufacturer Interfloat Group

• Indian group Borosil Renewables is obtaining Europe's largest solar glass maker. With major websites in Germany and Liechtenstein, Borosil intends to boost manufacturing capacity to 2,600 tonnes per day, making it feasible to provide solar glass for greater than 15 GW of PV modules from 2025.

India's Borosil Renewables has announced the signing of a binding deal for 100% equity in Interfloat Group, Europe's biggest solar glass producer. With this purchase, Borosil's solar glass outcome will grow 66% to 750 tonnes each day (TPD).

The Indian manufacturer currently has a solar glass manufacturing capacity of 450 TPD in India, with exports consisting of about 16.1% of general sales. It anticipates eye-catching future growth in exports to Europe as well as the U.S.A. on the back of an expected surge in the production of solar modules in these markets.

The procurement of Interfloat will make a wider series of solar glass readily available to Borosil Renewables' expanded client base in Europe. Besides, "Borosil's experience in achieving high efficiency in the manufacturing procedure to improve throughput and also lower expenses will certainly bring economies of range to Interfloat's expansion as well as production plans while minimizing the carbon footprint of its European operations," reviewed a Borosil statement.

Interfloat Group contains GMB Glasmanufaktur Brandenburg GmbH (GMB), which has a manufacturing plant with a present capacity of 300 TPD near Berlin, and Liechtenstein-based Interfloat Corporation, popular as a distributor to the European glass market. Interfloat has actually been servicing consumers in Europe for near 40 years and has deep-rooted partnerships with the glass trade in the area.

Pradeep Kheruka, executive chairman of Borosil Renewables, stated, "This procurement of [Interfloat Group] moves us closer to our vision of being one of the most customer-centric business in the world. We believe that by leveraging the existing synergies and also several corresponding ability supplied by the two companies, we will certainly be able to serve our customers better."

Christian Kern, Interfloat chairman and previous Austrian chancellor, said, "Borosil Renewables, a globally innovation leader with a focus on green production of solar panels, is a significant gain for Interfloat as well as the manufacturing in Brandenburg. In such difficult times, when the European sector deals with skyrocketing gas prices, a strong global companion will ensure the European production of clean power."

Kern will certainly continue to be on the board of Interfloat.

Capacity plans

Borosil is presently expanding its PV glass production capacity in India to 1,000 TPD by September this year. It prepares to more expand the capacity to 1,550 TPD by the end of 2023-24, and 2,100 TPD by the end of 2024-25.

The producer will likewise purchase increasing the capacity at GMB's Europe plant to 500 TPD by 2023 from the present 300 TPD.

Therefore, with concerning 2,600 TPD production capacity, Borosil Renewables will be able to supply solar glass for greater than 15 gigawatts of solar modules from 2025 while de-risking manufacturing from a single place.

" With the capacity growths planned in India and also Europe in the near future, we anticipate to enhance the reliability of our supply chains for our consumers," said Kheruka. "On this journey, our constant initiatives will stay concentrated as always on minimizing the general carbon impact of our operations."