India's Borosil buys Europe's largest solar glass maker
Indian energy firm Borosil Renewables, a subsidiary of glass giant Borosil, has acquired Germany's Interfloat, Europe's largest glassmaker for solar panels, in a bid to increase its glassmaking output by around 66%.
The purchase, which went for an undisclosed sum, will include Inerfloat Group and the glassmaking arm, Glasmanufaktur Brandenburg (GMB) which will allow the firm to increase its output in Europe and contribute to the energy transition.
The EU is looking to boost the output of solar panels which will go alongside both offshore and onshore wind as the key renewable technologies aiding in its energy transition.
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It has designated the 2020s as a key decade for change regarding the transition, which has been accentuated by the Russia-Ukraine war and subsequent attempts across the continent to wean off of Russian gas.
Alongside other energy sources, such as nuclear, geothermal, hydrogen, and waste-to-energy schemes, these sources could power homes, cars, public transport and entire grids.
It is for this reason that former Austrian chancellor and current chairman of the board at Interfloat, Christian Kern, welcomed the deal.
"In such difficult times, when the European industry suffers from soaring gas prices, a strong international partner will ensure the European production of clean energy," he said.
Borosil is predicting continued growth of the solar PV market throughout the decade, spurred by legislative action and increasing interest in self-generation, which has been on the rise in countries such as Spain. Ongoing disruptions have only increased demand for solar glass.
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Under the new arrangement, the Indian firm should be able to produce around 750 tonnes per day of solar PV glass in Europe alone.
Executives believe synergising the two companies will lead to greater gains on the continent, with its executive chairman Pradeep Kheruka suggesting expansions both in its native India and Europe expected "to enhance the reliability of [its] supply chains."
"On this journey, our unremitting efforts shall remain focused as always on reducing the overall carbon footprint of our operations,” he added.
In India, the firm is expecting an output of 2,100 tonnes per day by 2025, at which point its glass alone could supply up to 15GWh of solar power for the country.
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The firm was founded in 2010 when its parent company wanted to branch out into the renewables market.
India is a burgeoning superpower, and its massive population makes it a key market for both investment and business.
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