May 11 (Renewables Now) - Finland’s Valoe Oyj (HEL:VALOE) will receive a EUR-2.5-million (USD 2.7m) financing facility to support its investment in a solar cell factory in Lithuania, it announced last week.
The Nordic Environment Finance Corporation (NEFCO) will provide a EUR-1.25-million loan and just as much in equity as part of its green growth strategy, the statement says.
Not only will the fresh funds allow Valoe to complete its investment in the project, but will also enable the scaling up of the new plant’s production from 60 MW to around 120 MW. The company will manufacture its new Interdigidated Back Contact (IBC) cells at the site. It noted that it already has a major delivery contract to North America.
“The financing facility from NEFCO to Valoe will allow the production capacity at the plant to be ramped up,” Valoe’s CEO Iikka Savisalo said, adding that unless the COVID-19 pandemic causes unexpected delays, solar cell production at the site should start this summer.
(EUR 1.0 = USD 1.081)