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Midsummer issues SEK-200m green bond to finance solar production

DUO Solar Cell Manufacturing Equipment. Source: Midsummer AB

April 12 (Renewables Now) - Swedish thin-film solar technology company Midsummer AB (STO:MIDS) has issued its first green bond, raising SEK 200 million (USD 21.6m/EUR 19m) to finance its activities.

The bond has a four-year tenor and a floating rate coupon of STIBOR 3 months +8.5%. Midsummer noted that it is being issued under a SEK-500-million framework and will be listed on Nasdaq Stockholm Sustainable Bond List.

The company intends to use the proceeds from the offering to finance the production and distribution of solar cells and panels, as well as the fabrication of solar panel manufacturing equipment. In addition, a portion will go towards research and development (R&D) activities.

“During the road show we have met bond investors across the Nordics and we are encouraged by the strong interest for our strategy, business model and the interest to financially support Midsummer’s continued efforts to further strengthen our leading position within the rapidly growing market for light weight thin film solar cells,” CEO Sven Lindstrom said.

DNB Markets and Nordea served as joint structuring advisors for the green bond framework and as joint bookrunners for the transaction. Meanwhile, Mannheimer Swartling was legal counsel.

(SEK 10 = USD 1.079/EUR 0.955)

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