Silfab Solar Inc. has closed a new $100 million financing to scale up its state-of-the-art solar cell manufacturing facility in Fort Mill, South Carolina.
Silfab, a company headquartered in Canada, has announced plans to produce 1 GW of cells and add 1.3 GW of module capacity at the facility, which it says will be commissioned by the end of this year.
Half of the funding will come from a $50 million equity investment led by funds advised by ARC Financial Corp. (ARC), and includes investments from existing co-investors. The company raised another $50 million in senior secured financing, or a “green loan,” led by Breakwall Capital, an energy-focused asset manager and employee-owned company.
Silfab reports that Sustainable Fitch has provided a second party opinion on the green loan and believes the transaction is structured in accordance with the Green Loan Principles of the Loan Market Association, Loan Syndications and Trading Association and Asia Pacific Loan Market Association Green Loan Principles. Sustainable Fitch’s view is that the Green Loan is ‘excellently’ aligned with these principles.
“American-made clean energy is and will continue to be in huge demand. We are grateful 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 US-manufactured PV modules,” said Paolo Maccario., Silfab President and CEO. “Silfab’s growing U.S. footprint and increase in domestic content mean more jobs for Americans and a lower carbon footprint compared to imported panels.”
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