Norway’s NorSun Procures USD 8.5 Million to Develop 5GW Solar Wafer Plant in USA
The funding was led by Statkraft Ventures and Årdal Energi, who facilitated NOK40 million and NOK10 million each, with surplus assistance from existing NorSun shareholders Nysnø Klimainvesteringer, Scatec Innovation and ABN AMRO Sustainable Impact Fund.
August 18, 2023. By EI News Network
The funding was led by Statkraft Ventures and Årdal Energi, who facilitated NOK40 million and NOK10 million each, with surplus assistance from existing NorSun shareholders Nysnø Klimainvesteringer, Scatec Innovation and ABN AMRO Sustainable Impact Fund.
Norsun said that it will be looking to finalise its plans for a 5GW US wafer manufacturing facility, which will be coordinated with assessments for possible expansion in the Årdal region of Norway, where its current plant is, and other European locations.
John Andersen, Jr., Chairman of NorSun, said, “Through this transaction, existing shareholders, new investors and the company’s creditors have made it possible for NorSun to utilise its position as the leading western wafer producer for further development and expansion, both in the US and Europe.”
NorSun was part of a group of solar industry representatives who called for enhanced focus on upstream PV manufacturing in Europe this January. They called for more favourable financial moves, subsidies, low-interest rates and credit guarantees to spur upstream production.
Erik Løkke-Øwre, CEO of Norsun said: “Together with existing and new shareholders, the management will implement an ambitious growth plan. In the first phase, we will secure binding sales contracts and financing as the foundation for an investment decision for the US plant which is expected at year end.”
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