NEFCO to finance Valoe Oyj’s next generation solar cell technology

Source: press release, 6 May 2020

Valoe Oyj is developing new efficient methods to generate renewable solar electricity in an innovative way
Valoe Oyj is developing new efficient methods to generate renewable solar electricity in an innovative way (photo: Valoe Oyj)

The Nordic Environment Finance Corporation (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. Valoe’s new solar cell development enables a great leap in the European photovoltaic module technology. 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 production capacity of the solar cell plant from 60 MW to around 120 MW. The technical features of Valoe’s new Interdigidated Back Contact (IBC)-cells enable modules of variable shapes and sizes, flexible or three dimensional. Double-sided IBC-cells also increase efficiency of the panels. The company has already entered into a major delivery contract to North America for this cutting-edge solution.

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

Iikka Savisalo, Valoe’s CEO says “The financing facility from NEFCO to Valoe will allow the production capacity at the plant to be ramped up. Production at the solar cell plant will begin in summer 2020 provided the Covid-19 pandemic does not cause unexpected delays. We are delighted with cooperation with NEFCO. Negotiations and arrangements to promote the production of next generation solar cells have gone smoothly and quickly.”

“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.