Suniva raises $835 million to expand U.S. solar cell capacity

Suniva, a U.S.-based manufacturer of monocrystalline silicon solar cells, has secured $835 million through a combination of debt and equity financing. The capital is intended to fund the construction of a second major manufacturing facility in Laurens County, South Carolina.

The new 4.5 GW facility represents an investment of approximately $600 million and is expected to create 564 manufacturing jobs. The building shell for the 621,468-square-foot site is already complete, with construction slated for completion in late 2027 and full production expected in 2028.

Once the South Carolina plant is operational, Suniva’s total domestic manufacturing capacity will increase to 5.5 GW, up from its current 1 GW capacity at its Norcross, Georgia, facility. The company noted that much of its future production is already secured through long-term offtake agreements with U.S. solar companies.

Financing was provided by several entities, including funds managed by Goldman Sachs Alternatives and I Squared Capital, as well as JBA Asset Management. Equity investments were contributed by Electron Capital Partners, Orion Infrastructure Capital, Rubric Capital Management, and Suniva’s largest shareholder, Lion Point Capital.