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Energy transition is well underway as demand shifts from fossil fuels to low-carbon energy sources. Increased demand for solar panel materials combine with a fatigued supply chain to create a volatile market. Accurate, trusted price assessments for solar panel components is more vital than ever before.
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Solar photovoltaic (PV) module producer Meyer Burger Technology has drawn up plans to shutter production in Europe amid a deteriorating market environment and switch its focus to profitable growth in the U.S., the Swiss company said in a news release on January 17, 2024.
The plans include closing one of Europe’s largest operational solar module production sites in Freiberg, Germany, as early as beginning of April 2024, affecting approximately 500 people. A final decision may have to be made as early as the second half of February 2024, according to Meyer Burger.
Solar photovoltaic (PV) module producer Meyer Burger Technology has drawn up plans to shutter production in Europe amid a deteriorating market environment and switch its focus to profitable growth in the U.S., the Swiss company said in a news release on January 17, 2024.
The plans include closing one of Europe’s largest operational solar module production sites in Freiberg, Germany, as early as beginning of April 2024, affecting approximately 500 people. A final decision may have to be made as early as the second half of February 2024, according to Meyer Burger.
Solar cell production in Thalheim, Germany, would continue to support production ramp-up of U.S. solar module manufacturing in Goodyear, Texas, which is expected to start in the second quarter of 2024. Equipment manufacturing and research and development sites in Switzerland and Germany will not be affected and will continue to develop and support Meyer Burger’s business outside Europe.
“In the U.S., we can take full advantage of our leading technology position, resulting in substantial interest by partners and supported by favorable industry policies,” said Gunter Erfurt, CEO of Meyer Burger. “Given 5.4 gigawatts (GW) of order book under offtake agreements and a potential to generate EBITDA at roughly 250 million Swiss francs ($288 million) in 2026, we are able to grow a profitable business, providing a positive outlook for our shareholders.”
A sharp increase in Chinese production overcapacity and trade restrictions imposed by India and the U.S. has resulted in significant oversupply and “unprecedented distortion” in the European solar market in 2023, according to Meyer Burger. With a deteriorating market environment in Europe, continuing with full-scale European solar manufacturing is not sustainable for the time being, it said.
Meyer Burger cautioned that its withdrawal from Europe would increase the continent’s dependence on imports from China and leave the region’s solar energy transition with less safeguards for the future. The German producer currently expects to conclude the 2023 fiscal year with an EBITDA loss of at least 126 million Swiss francs.
ESMC urges support for Europe’s PV manufacturers
Meanwhile, the European Solar Manufacturing Council (ESMC) issued a statement urging the provision of swift emergency measures to support European PV manufacturing on Wednesday.
In recent months, prominent members of ESMC and key players in the European PV manufacturing industry, including Norsun, REC Solar, Norwegian Crystals as well as Meyer Burger, have argued that Europe lacks the appropriate market conditions to sustain their operations.
In 2023, the EU’s estimated PV module production capacities stood at 11 GW on paper, but only about half of that capacity is estimated to be operational, said the ESMC in Wednesday’s news release. Approximately only 2 GW of modules was produced by European PV module manufacturers during 2023 because of the unfavourable and unsustainable low module prices, and around 1 GW is currently held in the inventories.
These inventories remain unsold due to prevailing market conditions of ultra-low pricing, expected to persist throughout at least 2024. The shuttering of PV module manufacturers is also cutting off possibilities to develop other parts of the PV value chain, putting European material and component manufacturers at high risk of closure, the Council said.
“Losing nearly all European PV module producers right now would have irreversible negative consequences for the entire EU PV manufacturing industry,” said ESMC policy director Zygimantas Vaiciunas.
“The European Commission in 2023 adopted Temporary Crisis and Transition Framework (TCTF) and several Member States already planned REPowerEU financing for the PV manufacturing industry in the EU … all these incentives will be useless in case emergency measures [are] not taken by the middle of February at the latest,” said Vaiciunas.
Reporting by Rob Sheridan,rsheridan@opisnet.com
Editing by Yazdi Merchant, ymerchant@opisnet.com
© 2024 Oil Price Information Service, LLC. All rights reserved.
Solar capacity is growing so rapidly that the International Energy Agency predicts within five years it will surpass coal as the biggest power source. Solar has advantages over wind and hydro: The sun shines most everywhere, and both industry and consumers are producers — fostering a “democratization” of power. Still, there are supply-chain, regulatory and other challenges. Explore the technology, the players and the road ahead. Recorded September 20, 2023.
The OPIS APAC Solar Weekly Report is the first and only solar panel and polysilicon pricing report to follow the International Organization of Securities Commissions’ (IOSCO) requirements for fair and transparent pricing. This means you can rely on the OPIS price assessments to be unbiased and truly reflective of market activity. Read the OPIS APAC Solar Weekly Pricing and Methodology (PDF), OPIS price assessment methodologies and our Spot Market Pricing Compliance Policy.
OPIS is proud to be a member of the European Solar Manufacturing Council (ESMC). ESMC is an industry association dedicated to promoting the interests of the European PV manufacturing sector.
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