Midsummer reported sales for 2018 of SEK 244 million with an EBITDA of SEK 57 million. The sales growth (CAGR) during 2014-2018 amounted to 97%. 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 products in the U.S. market.
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, and will include: Production and distribution of solar panels and solar cells; production of solar panel manufacturing equipment; and research and development of solar panels, solar cells and solar panel manufacturing equipment. To confirm that the framework is aligned with the 2018 version of the ICMA Green Bond Guidelines Midsummer has engaged Sustainalytics to provide a Second Party Opinion.
“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 in order to faster and on a grander scale being able to install large volumes of flexible solar panels on all the markets that we target.
“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.”