NorSun secured $60M from Nysnø, ABN AMRO and existing investors.

NorSun, an Oslo, Norway-based solar energy manufacturer, announced that it secured a NOK 515 million ($60M) financing round.

The financing is a combination of equity (NOK 230M - $26.7M) and debt (NOK 285M - $33.3M).

The equity round was led by Nysnø Climate Investments and ABN AMRO’s Energy Transition Fund, investing in total NOK 160 million with the remainder coming from existing shareholders.

After the capital increase, Nysnø and ABN AMRO will be among NorSun’s largest shareholders next to NorSun’s existing shareholders Scatec and Arendals Fossekompani, who are also contributing in the capital increase.

The equity round is accompanied by an additional NOK 285 million in loans and grants from Enova and Innovation Norway, bringing the total capital to NOK 515 million.

The money will be used fund capacity expansion at the production facility in Årdal.

NorSun, founded in 2005 by Alf Bjorseth and led by CEO Svenn Ivar Fure, is a producer of monocrystalline wafers for ultra-high efficiency solar cells.

The company has produced n-type monocrystalline wafers for high-efficiency solar cells at the 450 MW capacity production facility in Årdal, Norway. Monocrystalline wafers are rapidly becoming the new standard in the solar industry. To maintain and grow its market share, NorSun will now more than double its production to 1.000 MW per year.