Swiss solar module manufacturer Meyer Burger has unveiled plans to construct a cutting-edge solar cell plant in Colorado Springs, Colorado, targeting the lucrative North American market. The company announced on Monday that the plant will boast an initial capacity of two gigawatts per year, aiming to cater to the region’s growing demand for renewable energy solutions. The decision to invest in the US market comes amid Meyer Burger’s concerns about the challenging production conditions in Europe. While the company remains committed to its German and European locations, Meyer Burger’s CEO, Gunter Erfurt, voiced his frustration over the prevailing conditions in the region, asserting that without significant changes, the European Union’s ambitious targets for solar energy expansion will remain elusive. The European Union has been actively pursuing the goal of reshoring its solar industry, with the aim of having at least 40 percent of new photovoltaic systems installed in Europe sourced from domestic factories by 2030. Acknowledging the need for stronger support and incentives, Germany’s Federal Ministry of Economics has initiated measures to attract investments in local solar manufacturing. They aspire to achieve a total production capacity of approximately ten gigawatts along the entire solar value chain, from silicon production to solar cells and modules. In contrast, the US government has demonstrated its commitment to clean technology by providing robust financial support to the solar industry. Meyer Burger’s Colorado venture has already secured substantial financial assistance, with $90 million in support from the city of Colorado Springs and the state of Colorado for energy costs. Additionally, the US Department of Energy has committed loans exceeding $300 million to the project, reinforcing the government’s focus on renewable energy development. “The government in the U.S. has recognized the importance of cleantech and has taken the right actions,” emphasized Gunter Erfurt. “We are a long way from that in Europe.” The stark difference in government support is one of the major factors motivating Meyer Burger’s expansion into the US market. Production at the Colorado Springs plant is set to commence in the fourth quarter of 2024, with the company expecting substantial returns. Meyer Burger is eligible to receive up to $1.4 billion in incentives, which can be realized from the start of production in 2024 until the end of 2032. The upfront payments from module buyers and loans from the Department of Energy further bolster the financial prospects of the project. Despite the expansion in the US, Meyer Burger remains committed to its European expansion plans. Recently, the company secured a funding commitment of over 200 million euros from Brussels to establish additional solar cell and module production facilities with a total capacity of up to 3.5 gigawatts. However, the CEO clarified that this funding is separate from the US venture and will primarily be directed towards constructing a factory in Europe. The construction of a factory on this scale in Europe would require a substantial investment of up to 800 million euros. Meyer Burger acknowledges that this project can only be pursued once the overall conditions in Europe improve and the region becomes more competitive in terms of supporting solar manufacturers. As the global demand for solar energy continues to rise, Meyer Burger’s expansion into the US market represents a strategic move to establish a significant foothold in North America. The company’s investments in both the US and Europe reflect its dedication to advancing the solar industry and contributing to the global transition towards sustainable and clean energy solutions.