NorSun secures NOK 515 million to fund capacity expansion
Post date: 13/06/2019 - 17:19
NorSun, Norwegian producer of monocrystalline wafers for ultra-high efficiency solar cells, has closed a NOK 230 million ($26.6 million) equity round to double the company’s production capacity, introduce new technologies, and significantly reduce unit costs. The round was led by Nysnø Climate Investments and ABN AMRO’s Energy Transition Fund, investing in total NOK 160 million with the remainder coming from existing shareholders. The equity round is accompanied by an additional NOK 285 million in loans and grants from Enova and Innovation Norway, bringing the total capital to NOK 515 million ($59.8 million).
According to the company, NorSun has produced n-type monocrystalline wafers for high-efficiency solar cells for more than a decade at the 450 MW capacity production facility in Årdal, Norway. To maintain and grow its market share, NorSun will now more than double its production to 1.000 MW per year. As part of the expansion NorSun will take ownership of the factory building in Årdal from Siva Eiendom As. The expansion will take place in connection with the existing production facilities in Årdal with production ramp-up through 2020.
After the capital increase, Nysnø and ABN AMRO will be among NorSun’s largest shareholders next to NorSun’s existing shareholders Scatec and Arendals Fossekompani, who are also contributing in the capital increase.