NEFCO finances Valoe Oyj’s next generation solar cell technology plant investment in Lithuania

NEFCO is to finance Finnish company Valoe Oyj’s investment in a solar cell plant in Lithuania through a EUR 2.5 million financing facility. The investment is part of NEFCO’s green growth strategy aimed at promoting the deployment and growth of Nordic environmental technologies on the global markets.

With NEFCO financing, Valoe will complete its investment in the manufacturing plant of its next generation solar cells in Lithuania. In addition, the financing will be used to scale up production capacity of the solar cell plant from 60 MW to around 120 MW. Valoe uses interdigitated back contact (IBC) technology in its solutions. IBC-based solar cells are double-sided, which increases efficiency of the panels. Moreover, the unique combination of cells and back contact technology enable the production of modules of variable shapes and sizes. The company has already entered into a major delivery contract to North America for this cutting-edge solution.

The financing comprises a EUR 1.25 million loan and EUR 1.25 million in equity.

Iikka Savisalo, Valoe’s CEO says “The financing facility from NEFCO to Valoe will allow the production capacity at the plant to be ramped up. Production at the solar cell plant will begin in summer 2020 provided the Covid-19 pandemic does not cause unexpected delays. We are delighted with cooperation with NEFCO. Negotiations and arrangements to promote the production of next generation solar cells have gone smoothly and quickly.”

“Solar power has a key role in the transition to a greener economy. This investment is well suited to our portfolio since it contains next generation, modular solar cells which can be adapted for various purposes. We expect that Valoe’s technology will not only boost the cost effectiveness of producing clean energy but also enable a variety of innovative applications,” says Dennis Hamro-Drotz, Investment Manager at NEFCO.

For more information:

Dennis Hamro-Drotz, Investment Manager, NEFCO, +358 10 6180 641

Iikka Savisalo, CEO, Valoe Oyj, +358 40 521 6082

About Valoe Oyj

Valoe Corporation is a Finnish technology company specialising in in photovoltaic technology. The company develops and produces photovoltaic technology to create more effective, more environment friendly and longer lasting solar cells, panels and photovoltaic systems. Valoe’s large, on a European scale, investment in a production line to manufacture a new type of IBC (interdigidated back contact) solar cells is nearing completion at the plant in Vilnius, Lithuania. IBC solar cell technology will open up new interesting applications for photovoltaic power such as special building- or vehicle-integrated photovoltaic panels. In Finland, Valoe manufactures new technology solar panels and special panels, and designs and installs photovoltaic systems. For more information go to

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