The Bosch Group (ZEX.DE) announced this week that it intends to significantly expand the manufacturing capacity of ersol Solar Energy AG (ES6A.DE), of which it acquired a controlling stake earlier this year.
The expansion includes an investment of EUR 530 million between now and 2012 for the construction of a manufacturing facility for crystalline solar cells in
Arnstadt, Germany, as well as a module manufacturing shop and a new
administrative building, and an extension of existing research
and manufacturing facilities.
With this investment, ersol Solar Energy AG hopes to nearly triple
its present manufacturing capacity crystalline photovoltaic solar cells to a capacity of 630 (megawatts) MW a year, and in this way to boost
its growth trajectory.
In the first nine months of this year alone, ersol
generated sales of EUR 214 million euros, twice as much as in the same
period of the previous year. Sales are expected to exceed EUR 300
million this year, and to top 400 million euros in 2009.
Start of production at the new facility is planned for the
beginning of 2010. According to current plans, this investment will
create more than 1,100 new jobs.
“This investment underscores our strategic objective of strongly expanding our activities in the area of renewable energies over the next few years," said Dr. Siegfried Dais, deputy chairman of the Bosch board of management and chairman of the supervisory board of ersol Solar Energy AG.
In the summer of this year, Robert Bosch GmbH acquired the majority shareholding in Erfurt-based ersol, which develops, manufactures, and sells wafer-based silicon solar cells and thin-film modules.
Both the federal and state governments intend to support the project, according to a release. Application has been made for subsidies totaling a tenth of the total investment. This declaration of support means that these subsidies are already a firm component of investment planning. However, the subsidies still have to be approved by the EU Commission. A decision is expected for the spring of 2009. The investment will be financed by Bosch Group loans and ersol equity capital.
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