The Nordic Environment Finance Corporation (NEFCO) is to fund the investment by Finnish company Valoe Oyj in a solar cell plant in Lithuania through a financing facility of €25 million.

The new development of Valoe’s solar cells allows for a major leap in European photovoltaic panel technology. The investment is part of the green growth strategy of NEFCO which aims to promote the deployment and growth of Nordic environmental technologies on the global markets.

With funding from NEFCO, Valoe will complete its investment in its solar cells manufacturing plant in Lithuania. Furthermore, the funding will be used to increase the solar cell plant’s production capacity from 60 MW to about 120 MW.

The technological features of Valoe’s new Interdigidated Back Contact (IBC)-cells allow for versatile or three-dimensional modules of variable shapes and sizes. Double-sided IBC-cells also make the panels more effective.

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

“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.”

Iikka Savisalo, CEO Valoe.

“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.”

Dennis Hamro-Drotz, investment manager at NEFCO.