Silfab Solar has announced securing a $100 million financing for its US solar cell project
It will advance the company’s upcoming 1 GW cell production plant in South Carolina
ARC advised funds and Breakwall Capital both contributed $50 million each to this round
North American solar PV manufacturer Silfab Solar has secured $100 million in financing to scale its solar cell manufacturing plant in South Carolina of the US which is expected to become operational by the end of 2024.
Silfab is building the new factory in the Fort Mill region to reshore US-made solar products targeting 1 GW of n-type solar cell capacity, along with a 1.3 GW solar module factory.
The company’s President and CEO Paolo Maccario said, “Silfab’s growing US footprint and increase in domestic content means more jobs for Americans and a lower carbon footprint compared to imported panels.”
Of the total proceeds, a $50 million equity investment was led by funds advised by ARC Financial Corp and includes investment from their existing co-investors. The remaining $50 million came in as senior secured financing, or a green loan, led by the energy-focused asset manager and employee-owned firm Breakwall Capital. The latter includes an investment from SR Alternative Credit LLC.
Previously, ARC contributed to a $125 million financing round for Silfab’s South Carolina fab in March 2023, after having initially raised an undisclosed amount for the same in September 2021 (see Silfab Solar Raises Capital For GW-Scale US Production Fab).
Earlier this year, Silfab raised $5 million in a US Department of Energy (DOE) award to develop its back-contact n-type solar cells to demonstrate 26% or higher efficiencies. The South Carolina factory will host a 300 MW pilot line to develop these innovations.
Silfab has also been selected for a $500,000 innovation award from the DOE’s Solar Energy Technologies Office (SETO) to develop high-efficiency building-integrated PV (BIPV) modules in the form of solar spandrels with opaque glass. It can be used for glazed surfaces between 2 floors of commercial and high-rise buildings that do not need transparent glass windows.
To fund its US expansion plans, Silfab also sold its Section 45X Advanced Manufacturing Production Tax Credits (MPTC) to Schneider Electric in May this year (see Silfab Solar Secures Advanced Production Tax Credits Deal).