Purchase Agreement With Ingka Investments Supports Production Ramp-Up at Meyer Burger's US Plant

Thun, Switzerland - Photovoltaic manufacturing company Meyer Burger Technology AG has signed a four-year solar module off-take agreement with Ingka Investments, the investment company of IKEA's largest retail group Ingka.

The agreement is one of two announced by Meyer Burger in March 2023 in connection with the increase of the annual production capacity of its module plant in Goodyear (Arizona, USA) from approximately 1,600 MW (1.6 GW) to approximately 2,000 MW (2 GW). The agreement with Ingka Investments is for the supply of premium solar modules to be produced in Goodyear in the future and delivered between 2025 and 2029.

According to Meyer Burger, Ingka Investments will make a substantial annual down payment to enable Meyer Burger to procure and finance equipment, materials and raw materials for solar module production.

The parties have agreed not to disclose further details of the contract for the time being.

"We are very pleased to cooperate with Ingka Investments, who will support us in the rapid ramp-up of our production in the US through this offtake agreement", said Daniel Menzel, COO of Meyer Burger. "This agreement is an excellent start, both for our ambitions to invest further in Renewable Energy production in the U.S. and for our partnership with Meyer Burger", added Frederik de Jong, Head of Renewable Energy at Ingka Investments.

Source: IWR Online, 03 May 2023