India’s first and only solar glass manufacturer Borosil Renewables Limited (“BRL” or “Borosil”), and the Interfloat group of companies (“Interfloat”, based in the European Union) today announced the signing of a binding cash and stock deal enabling BRL to acquire a 100% stake in the Interfloat Group.
Interfloat Group consists of two companies – GMB Glasmanufaktur Brandenburg GmbH (GMB), based near Berlin, and Interfloat Corporation, based in Liechtenstein. GMB is the largest solar glass producer in Europe with a current capacity of 300 TPD (tons per day). It has manufactured glass for Europe’s solar (solar PV as well as solar thermal) and greenhouse glass markets since 2010. Interfloat has been servicing customers in Europe for close to 40 years and has deep-rooted relationships with the glass trade in the region.
Under the “Solar Manufacturing Accelerator” program, the European union (EU) foresees a manifold increase in domestic European production of solar photovoltaic modules and the entire range of components. This will inevitably lead to an increase in demand for solar glass across Europe, which is expected to grow rapidly in the near future. The customers of solar glass (used in various applications including Solar PV, Solar thermal, Greenhouses, etc.) are looking for availability of higher volumes from a diversified and reliable supply chain with domestic roots. This is especially true after the unpleasant shocks faced due to ongoing disruptions with the existing supply chain impacting availability of critical components like solar glass.
With this acquisition, BRL’s total installed solar glass manufacturing capacity in India and Europe will reach 750 TPD immediately, thereby allowing more efficient supply to customers in Europe. This acquisition will also accelerate investments in new product and technology development benefiting customers. Borosil’s expertise in achieving high efficiency in the manufacturing process to enhance throughput and lower costs will bring economies of scale to Interfloat’s expansion and manufacturing plans, while reducing the carbon footprint of its European operations.
The BRL expansion currently underway in India will take it to 1000 TPD in September 2022. The next expansion phases remain intact – growing to 1550 TPD by the end of 2023-24, and 2100 TPD by the end of 2024-25. Furthermore, Borosil is committed to investing in manufacturing in Europe and will be increasing capacity at GMB’s Tschernitz plant to 500 TPD by 2023. This means that, with about 2600 TPD manufacturing capacity, BRL will be able to supply solar glass for more than 15 gigawatts of solar modules from 2025 while de-risking production from a single location.