Swedish solar energy company, Midsummer, reported sales for 2018 of SEK 244 million with an EBITDA of SEK 57 million. The sales growth during 2014-2018 amounted to 97 percent. During 2018, Midsummer received orders totaling SEK 265 million. The strong business momentum during 2018 was mainly driven by the increasing demand for Midsummer’s innovative products in the US market.
Courtesy of Midsummer
In order to capitalize on the strong momentum, Midsummer has mandated DNB Markets and Nordea as joint arrangers for a potential four year, SEK denominated, senior unsecured green bond issue. The green bond will have a framework of SEK 500 million. The net bond proceeds from the issue will be used in line with the green bond framework dated March 22, 2019.
“Midsummer is firmly established as the leader in the development and supply of energy-efficient thin film solar cells, ideal for the booming urban BIPV (building integrated photovoltaics) market,” said Sven Lindström, CEO, Midsummer. “Considering the strongly increasing demand for our solutions and the still huge global potential for BIPV, we wish to accelerate production capacity, sales channels and growth.
“This includes evolving our business model from mainly selling manufacturing equipment to also include considerably increased in-house production of solar panels for the end market, and the establishment of a network of contract manufacturers.”