ZURICH, Aug 26 Reuters Swiss solar panel maker Meyer Burger said on Monday it was suspending plans for a plant in Colorado as it announced restructuring measures and suggested profitability would be lower than previously expected.

Meyer Burger Technology AG announced today that the planned construction of a solar cell production facility in Colorado Springs, Colorado, USA, is no longer financially viable for the company due to recent developments and that the project will therefore be discontinued, the firm said in a statement.

The firm said its board of directors had asked management to draw up a comprehensive restructuring and costcutting program and that board member Mark Kerekes was stepping down.

Following the Colorado decision, Meyer Burger said it would be focusing on its module production plant in Goodyear, Arizona, which is already largely installed.

The expansion of nominal module production capacity in Goodyear by an additional 0.7 gigawatts has been suspended for now, it said. Debt financing previously sought via monetization of 45X tax credits will be pursued on a reduced scale, it added.

The board now expects the firm39;s financing requirements will be significantly lower and that the financing gap remaining after its April 2024 capital hike will be reduced. The mediumterm EBITDA target and the firm39;s debt ratio are also expected to be significantly lower than previously expected, it added.

The company39;s cell production site in the eastern German…