From: Mercom India
Suniva, a U.S.-based manufacturer of monocrystalline silicon solar cells, has completed an $835 million capital raise comprising debt and equity financing to fund its second U.S. solar cell manufacturing facility and increase its total manufacturing capacity to 5.5 GW.
The financing includes senior secured credit facilities provided by funds managed by Goldman Sachs Alternatives and I Squared Capital, and a second-lien credit facility provided by JBA Asset Management.
Electron Capital Partners, Orion Infrastructure Capital, and Rubric Capital Management participated through equity investments, along with other investors. Suniva’s largest shareholder, Lion Point Capital, also participated in the financing.
The company plans to use the capital to construct a 4.5 GW manufacturing facility in Laurens County, South Carolina. Suniva expects to complete the facility in late 2027 and reach full production in 2028. The shell of the 621,468-square-foot building has already been completed.
The South Carolina project represents an investment of approximately $600 million and is expected to create 564 manufacturing jobs, according to the company.
Suniva currently operates a monocrystalline silicon solar cell manufacturing facility in Norcross, Georgia, with 1 GW of annual capacity. Once the South Carolina facility reaches full production, the company expects its combined U.S. solar cell manufacturing capacity to reach 5.5 GW.
The financing follows Suniva’s June 8, 2026, announcement that it had signed a definitive reverse merger agreement with a wholly owned subsidiary of SUNation Energy, a provider of residential and commercial solar systems, battery storage, and energy services. Under the agreement, the combined company is expected to operate under the Suniva name and continue SUNation’s listing on the Nasdaq Capital Market. The transaction is expected to close in the second half of 2026.
Total Solar corporate funding, including venture capital and private equity funding, public markets, and debt financing in 1H 2026 totaled $16.9 billion, up 56% YoY compared to the $10.8 billion raised in 1H 2025. The number of deals increased 23% YoY, with 96 deals in 1H 2026 compared to 78 during the same period last year, as per Mercom’s recently released 1H and Q2 2026 Solar Funding and M&A Report.
