Silfab Solar, a solar module manufacturer, has closed $100 million in new financing to scale its state-of-the-art solar cell manufacturing plant. The funding comprises a $50 million equity investment led by funds advised by ARC Financial. The funding also includes investment from undisclosed existing co-investors and a $50 million senior secured financing led by Breakwall Capital, an energy-focused asset manager, and SR Alternative Credit.
Stikeman Elliott acted as legal counsel to ARC Financial. Norton Rose Fulbright acted as legal counsel to Silfab. Kirkland & Ellis acted as legal counsel to Breakwall Capital. RCT Solutions acted as the independent engineer for Breakwall.
The funding will help the company to scale up cell production and PV module manufacturing at its new facility in Fort Mill, South Carolina, which is scheduled to be operational by the end of this year.
“American-made clean energy is and will remain in huge demand. We are thankful for the continued support of both existing and new investors in our mission to lead the reshoring of the PV supply chain – ensuring a sustainable supply of U.S.-made PV modules, Silfab’s growing U.S. footprint and increase in domestic content means more jobs for Americans and a lower carbon footprint compared to imported panels,” said Paolo Maccario, Silfab President and CEO.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, in 9M 2024, VC funding activity decreased 39% year-over-year, with $3.5 billion raised in 39 deals compared to the $5.7 billion raised in 51 deals in 9M 2023.
In August, Trina Solar, a solar module manufacturer and smart energy solutions provider, secured a $235 million non-recourse senior secured term green loan facility from Standard Chartered to develop, construct, and operate a 1.35 million square foot solar photovoltaic manufacturing plant in Wilmer, Texas.
