The domestic solar cell manufacturer is building a new $600 million facility in Laurens County, South Carolina, with a planned opening in late 2027 and an expected 564 manufacturing jobs at full capacity.
Suniva has announced the completion of an $835 million capital raise as it continues the buildout of a new 4.5 GW facility inside a 620,000 square-foot building currently under construction in Laurens County, South Carolina.
The infusion of capital includes both debt and equity financing, consisting of senior secured credit facilities provided by funds managed by Goldman Sachs Alternatives and I Squared Capital, a second lien credit facility provided by JBA Asset Management, and equity investments by Electron Capital Partners, Orion Infrastructure Capital (OIC), and Rubric Capital Management, among others.
“As the only U.S.-owned solar cell manufacturer at commercial scale, we believe Suniva is uniquely well positioned in the market,” said Suniva CEO Tony Etnyre, in a statement. “We look forward to helping the United States and the Administration achieve its important goal of U.S. energy independence.”
The new facility will bring the company’s annual production capacity to 5.5 GW, including its existing 1 GW facility in Norcross, Georgia. In a 2023 announcement, Suniva said it would expand the Norcross facility to 3.5 GW in capacity, but the plan for the new South Carolina facility seems to have superseded the Georgia expansion
