Wafer maker NorSun nabs USD 59m of fresh funds for capacity expansion

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

June 13 (Renewables Now) - NorSun AS, a Norwegian producer of n-type monocrystalline wafers for solar cells, has obtained NOK 515 million (USD 59.3m/EUR 52.6m) in fresh financing to prepare for an expansion of its capacity and the introduction of new production technologies.

The company has closed a NOK-230-million equity round led by Nysno Climate Investments and ABN AMRO’s Energy Transition Fund. The two new investors contributed a total of NOK 160 million and will be among NorSun’s largest shareholders now. The balance of the fresh investment came from existing shareholders, including Scatec AS and Arendals Fossekompani ASA.

Meanwhile, Enova and Innovation Norway provided an additional NOK 285 million in the form of loans and grants.

NorSun operates a 450-MW factory in Ardal, Norway, whose current annual capacity has been sold out for some time, according to CEO Svenn Ivar Fure. The plan is to double the capacity to 1 GW and upgrade production technologies in order to cut unit costs, he stated.

(NOK 1.0 = USD 0.115/EUR 0.102)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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