PVTIME – Recently, D. E. Shaw Renewable Investments (DESRI), a leading US renewable energy investor, announced the termination of its solar module supply agreement with Meyer Burger, a Swiss HJT cell and module manufacturer.
In 2022, the two parties signed a five-year agreement to purchase up to 5GW of solar modules from Meyer Burger’s PV manufacturing facility in Goodyear, Arizona.
The modules are scheduled to be delivered between 2024 and 2029, with a binding agreement to supply a minimum of 3.75GW of modules from the module plant in Goodyear, Arizona.
Regardless of the validity of such a termination, it could have a negative impact on the company’s advanced financial restructuring efforts, Meyer Berger said.
The financial restructuring plan Meyer Berger is referring to was announced in September 2023, when Meyer Berger said it would lay off around 200 employees by the end of 2025. Meyer Berger added that if such financial restructuring fails, the company may not be able to continue as a going concern. The company will provide further information in due course.
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