Midsummer awarded US$ 44m to sustain Italy thin film manufacturing facility strategies
- Swedish thin film solar cell supplier Midsummer will get approximately EUR38 million (US$ 44 million) worth of monetary incentives to develop a 50MW manufacturing facility in Bari, Italy.
Verified by Italian authorities recently (30 October), the rewards come in the kind of gives as well as soft financings, which make up 35% and 23% of the overall project investment of EUR66 million (US$ 76.5 million), specifically. The 'soft finances' are offered by the financial investment arm of the Italian state, Invitalia.
Midsummer had currently bought the plant in Bari in southern Italy and also can currently begin loading it with devices and also hiring staff.
It is expected to start production of its thin film solar roof coverings in the summertime of next year and stands for the initial Swedish project to be consisted of in Italy's EUR190 billion (US$ 220 billion), EU-backed healing strategy.
" We are extremely pleased to get these extremely beneficial grants," said Sven Lindström, Chief Executive Officer of Midsummer. "We will certainly tenfold our optimum production capability as well as the finished manufacturing facility will make Midsummer the biggest manufacturer of thinfilm solar cells in Europe."
The factory will be entirely owned by subsidiary Midsummer Italia as well as will certainly create the business's thin film solar roofing system product-- mainly for the southerly European market-- that has experienced surging demand in the Nordic countries of over 500% in Q3 this year, the business said.
European solar production has been a subject of much discussion of late, particularly versus a background of supply chain and logistics issues interrupting the global supply of PV products. Funding has actually been pointed out as a vital barrier to a ramp up of residential solar manufacturing in Europe with upstream facilities frequently concerned by sponsors as riskier financial investments than downstream projects.
