Suniva has raised $835 million in debt and equity financing to fund its solar cell manufacturing expansion
Its planned South Carolina facility is expected to add 4.5 GW of capacity and begin operations in late 2027
The expansion would take Suniva’s planned US solar cell manufacturing capacity from 1 GW to 5.5 GW
US-based solar cell manufacturer Suniva says it has raised $835 million to finance a new solar cell manufacturing facility in South Carolina. This will expand its planned US production capacity to 5.5 GW.
Suniva raised $835 million as debt and equity from several financial partners, including Lion Point Capital, Goldman Sachs Alternatives, I Squared Capital, JBA Asset Management, Electron Capital Partners, Orion Infrastructure Capital, and Rubric Capital Management.
Its upcoming 4.5 GW facility is currently under development in Laurens County, South Carolina. It will have 4.5 GW of annual high-efficiency monocrystalline silicon solar cell manufacturing capacity (see Suniva To Build New 4.5 GW Solar Cell Factory).
The shell of the 621,468-square-foot building is already complete. Suniva said the project represents an investment of about $600 million and is expected to create 564 advanced manufacturing jobs.
It expects the facility to be completed in late 2027, with production ramp-up expected to reach full capacity in 2028.
The South Carolina plant will add to Suniva’s existing 1 GW solar cell manufacturing facility in Norcross, Georgia, which is already operational. Together, the two facilities will expand its total US solar cell production capacity to 5.5 GW.
Management said an existing domestic supply chain and long-term product offtake agreements de-risk the expansion and cover most of its planned future production. Suniva did not disclose the customers or the volume covered by the agreements.
“U.S. energy independence and meeting the needs of increasing energy usage in the United States requires domestic production of U.S. solar cells,” said Suniva CEO Tony Etnyre. He added that the company expects its second facility to help meet demand for a US-based source of solar cells.
The financing comes as Suniva advances its proposed reverse merger with SUNation Energy. Announced in June 2026, the agreement entails Suniva to merge with a wholly owned subsidiary of SUNation. The combined company will operate under the Suniva name and remain listed on Nasdaq as SUNation (see Suniva To Acquire SUNation Energy In A Reverse Merger Deal).
