Meyer Burger plans CHF-250m share issue to scale manufacturing capacity
- Swiss solar module manufacturer Meyer Burger Technology AG (SWX: MBTN) will certainly look for to increase approximately CHF 250 million (USD 252.74 m/EUR 258.85 m) in a share issue to speed up the growth of its annual production capacity to about 3 GW.
The target needs to be gotten to by the end of 2024 when the business intends to have 1.4 GW of module production capacity in Freiberg, Germany, as well as regarding 1 GW in Goodyear, Arizona. The plant in Germany is anticipated to serve the European residential as well as little commercial/industrial market segment.
An assembly line for solar modules in Freiberg is currently working at its full annual capacity of some 400 MW.
The choice for the development comes amid the continued strong development in the solar markets throughout Europe and the US and also adheres to a large-scale supply agreement Meyer Burger signed in August with D. E. Shaw Renewable Investments (DESRI). Under the terms of the offer, the Swiss supplier will provide the United States renewables designer as well as proprietor with at the very least 3.75 GW as well as much as 5 GW of solar modules between 2024 as well as 2029.
The capital rise, which ought to safeguard funding for the expansion, undergoes authorization by a phenomenal shareholders' conference arranged to occur on October 28. Meyer Burger's biggest investor Sentis Capital PCC (Cell 3), which holds 10.01% of the ballot rights, has pledged to sustain the share issue.
The profits will be utilized to raise the capacity for the manufacturing of solar cells at the site in Thalheim, Germany, and the production of modules at Goodyear, Arizona. The US facility is anticipated to provide its first products in mid-2024.
The fresh capital will certainly be spent likewise in the related production and distribution structures, as well as in step-by-step development, in the execution of tactical projects and for other basic corporate purposes.
The subscription period is expected to run from November 1, 2022 to November 9, 2022.