Meyer Burger has announced that the European Commission has judged its funding application for €200 million ($224.4 million) as “eligible.” The commission is expected to issue a formal funding decision by the end of this year.

It said it will use the funds to support its “high-efficiency onshore PV module production in Europe” (HOPE) project, including a 3.5 GW solar cell and module factory. It will probably built the facility at an unspecified location in Spain.

“The project is among the eleven selected candidates for EU funding in the funding segment ‘Clean Tech Manufacturing.' According to the EU Commission, a total of 239 projects applied in all funding segments, of which 41 were successful,” Meyer Burger said in a statement. “In the area of photovoltaic production, the Norwegian company Norsun was also successful with a project to expand wafer production. Norsun and Meyer Burger are already in a supply relationship for solar wafers for Meyer Burger.”

Meyer Burger signed a long-term wafer supply contract in February with Norwegian wafer manufacturer Norsun. The contract provides for rising purchase quantities as Norsun expands its wafer production capacity, in line with Meyer Burger's growth plans.

In October 2022, Meyer Burger also revealed plans to raise CHF 250 million ($291.1 million) via an ordinary capital increase, by issuing new subscription rights. The company is now targeting around 3 GW of new annual production capacity by the end of 2024, including 1.4 GW of module production capacity in Freiberg, Germany. It is also exploring plans to manufacture solar cells in the United States