The Colorado Springs photo voltaic cell plant is on maintain because the Swiss-German PV producer proclaims plans to restructure the corporate. A deliberate capability growth on the Arizona module manufacturing plant has additionally been placed on maintain. The present cell manufacturing website in Thalheim, Germany, will stay a part of Meyer Burger’s operations.
Meyer Burger has canceled plans to open a 2 GW photo voltaic cell manufacturing facility within the United States. In an announcement, the Swiss-German PV producer stated constructing the plant in Colorado Springs is not financially possible.
The board of administrators additionally ordered the corporate’s administration to undertake a complete restructuring and cost-cutting program for the enterprise. A deliberate 0.7 GW growth of Meyer Burger’s 1.4 GW module manufacturing plant in Goodyear, Arizona, was additionally placed on maintain.
The resolution implies that Meyer Burger’s present cell manufacturing website in Thalheim, Germany, will proceed to be the spine of the corporate’s photo voltaic cell provide, in response to the producer – a change from earlier plans. Meyer Burger stated that the cells produced by Thalheim signify probably the most economical choice within the present market scenario.
The producer requested a debt funding package deal supported by the monetization of tax credit accessible via the US Inflation Reduction Act (IRA). United States laws permit a further 10% bonus funding tax for US photo voltaic initiatives. Announcing the Colorado manufacturing facility in July 2023, Meyer Burger stated it plans to monetize as much as $1.4 billion in tax credit from the beginning of manufacturing in 2024 to the tip of 2032.
In asserting the restructuring, it stated it might proceed to hunt debt financing on a lowered scale by monetizing tax credit accessible on the US module manufacturing facility. It added that financing necessities could be “considerably decrease” as a result of shutdown of the Colorado Springs plant.
In addition to asserting a “complete” restructuring and cost-cutting program, Meyer Burger postponed the publication of its half-year monetary outcomes, beforehand introduced for Sept. 16, 2024, to Sept. 30, 2024. The firm stated it could possibly be postponed to a later date, topic to regulatory approval.
Personnel adjustments are additionally anticipated on the board stage. Mark Kerekes has resigned from the board of administrators, with the corporate saying that its realignment would require a “new composition” of the board of administrators.
“We want to thank Mark Kerekes for his wonderful cooperation and essential contribution throughout his membership of the board of administrators,” stated Franz Richter, chairman of the board of administrators of Meyer Burger.
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