- MEAG on behalf of Munich Re will invest in EDFR North America’s Maverick solar and storage projects in the US
- Silfab Solar has raised an undisclosed funding to significantly expand its US solar production
- Silfab Solar has also signed up Germany’s BayWa to distribute its solar modules to the Canadian market
EDFR gets partner for Maverick projects: EDF Renewables North America (EDFR) has secured a partnership with German reinsurance company Munich Re through its subsidiary for the Maverick solar projects. Acting on behalf of Munich Re’s subsidiary, MEAG will acquire a 50% stake in EDFR’s 2 solar power projects in California, namely Maverick 6 with 131 MW DC solar PV with 50 MW/200 MWh battery energy storage capacity, and Maverick 7 with 179 MW DC solar capacity. Both the projects are currently under construction, adjacent to each other, in Riverside County within a Solar Energy Zone and Development Focus Area, managed by the US Bureau of Land Management (BLM). The 2 facilities are expected to come online in December 2021. Transaction is expected to close in Q1/2022.
Silfab raises proceeds for expansion: Canada headquartered North American solar module manufacturer Silfab Solar has raised an undisclosed amount in an investment round to ‘significantly’ expand its US solar production capacity and supply chain footprint. The company manufactures back-contact and mono PERC PV modules for residential and commercial segments of North America. Without divulging any details about the planned expansion to be undertaken, Silfab Solar said the investment round was led by private equity fund manager ARC Financial Corp. (ARC) and includes Ontario Power Generation Inc. Pension Plan and BDC Capital’s Cleantech Practice as co-investors. “ARC’s strategic investment provides growth capital that enables Silfab to increase domestic production and sourcing, and opens additional doors to new generations of modules,” said Paolo Maccario, CEO of Silfab Solar.
This news follows Silfab Solar’s announcement on August 30, 2021 to have doubled its US solar panel manufacturing capacity without specifying its exact capacity. The new Burlington fab in Washington was stated by Silfab Solar as its 3rd production facility in North America where it will be producing Silfab Prime 370W series. The Burlington fab is located close to its Bellingham PV module assembly plant.
BayWa to distribute Silfab Solar’s products: Germany’s BayWa r.e. has turned a distributor for Silfab Solar for the latter’s North American solar modules to the Canadian market. The news comes after BayWa turned a distributor for Silfab Solar in the US.