Investing in NorSun - contributing to increased production capacity for high-efficiency solar cells in Årdal

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. 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.

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. 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. Monocrystalline wafers are rapidly becoming the new standard in the solar industry. To maintain and grow its market share, NorSun will now more than double its production to 1.000 MW per year.

– The solar industry will continue to play a key role in the decarbonization of global energy supply. NorSun has a unique competitive position and a very low carbon footprint made possible by over a decade of technological improvements and a state-of-the-art production facility powered by low cost renewable hydropower. We are very excited by the future prospects of NorSun and to invest alongside strong existing and new investors, said Eivind Egeland Olsen, Investment Director in Nysnø.

Read more in the press release from NorSun: 20190611-NorSun-secures-NOK-515-mill-to-finance-expansion