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Meyer Burger Signs Four-Year Solar Module Purchase Agreement with Ingka Investments

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Representational image. Credit: Canva

Swiss-based solar equipment manufacturer Meyer Burger Technology AG has signed a four-year purchase agreement with Ingka Investments, the investment company of the world’s largest IKEA retail group, for the supply of premium solar modules to be produced in Goodyear, Arizona. The contract, which is one of two announced in March 2023, includes the delivery of the modules between 2025 and 2029, with a capacity of approximately 2 GW.

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The solar modules, which are manufactured on Meyer Burger’s glass-glass product platform, are designed for applications in the power plant segment and are characterized by extremely low degradation and high bifaciality. The companies have agreed not to disclose further details of the contract for the time being.

Ingka Investments will provide a substantial upfront payment to Meyer Burger to enable the procurement and financing of machinery, materials, and raw materials for solar module production. The partnership aims to support Meyer Burger’s rapid ramp-up of production in the United States and Ingka’s ambitions to invest in renewable energy production.

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“This agreement is an excellent start both for our ambitions to further invest in renewable energy production in the US and for our partnership with Meyer Burger,” says Frederik de Jong, Head of Renewable Energy at Ingka Investments. Daniel Menzel, COO of Meyer Burger, expressed pleasure at the collaboration and emphasized the company’s commitment to decarbonization and the Paris climate agreement’s 1.5-degree target.

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