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Publish Date : 11-May-2020

NEFCO is to finance Finnish company Valoe Oyj’s investment in a solar cell plant in Lithuania through a EUR 2.5 million financing facility. The investment is part of NEFCO’s green growth strategy aimed at promoting the deployment and growth of Nordic environmental technologies on the global markets.

With NEFCO financing, Valoe will complete its investment in the manufacturing plant of its next generation solar cells in Lithuania. In addition, the financing will be used to scale up the production capacity of the solar cell plant from 60 MW to around 120 MW.

Valoe uses interdigitated back contact (IBC) technology in its solutions. IBC-based solar cells are double-sided, which increases the efficiency of the panels. Moreover, the unique combination of cells and back contact technology enable the production of modules of variable shapes and sizes. The company has already entered into a major delivery contract to North America for this cutting-edge solution.

“Solar power has a key role in the transition to a greener economy. This investment is well suited to our portfolio since it contains next-generation, modular solar cells which can be adapted for various purposes. We expect that Valoe’s technology will not only boost the cost-effectiveness of producing clean energy but also enable a variety of innovative applications,” says Dennis Hamro-Drotz, Investment Manager at NEFCO.

The financing comprises a EUR 1.25 million loan and EUR 1.25 million in equity.

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