Suniva Completes $835 Million Capital Raise to Build Solar Cell Manufacturing Facility in Laurens County

Suniva, the oldest U.S. merchant manufacturer of high-efficiency monocrystalline silicon solar cells, has announced the completion of an $835 million capital raise comprising both debt and equity financing.

The new capital will fund construction of Suniva’s second U.S. solar cell manufacturing facility and accelerate the company’s rapid expansion to a total of 5.5 GW of American-made solar cell capacity, a decisive step toward U.S. energy independence.

Suniva’s new 4.5 GW high-efficiency monocrystalline silicon solar cell manufacturing facility, which is currently under development in Laurens County, South Carolina, will more than quadruple its capacity, with completion expected in late 2027 and full ramp expected in 2028.

The shell of the 621,468-square-foot building is already complete. The fully funded project represents an approximately $600 million investment and an anticipated 564 new advanced manufacturing jobs, creating a major industrial anchor for South Carolina’s Upstate region.

Suniva’s existing, fully operational facility in Norcross, Georgia, is already delivering 1 GW of high-efficiency monocrystalline silicon solar cell manufacturing capacity. Suniva’s Laurens County expansion builds directly on the operational success of its Norcross factory, pairing a fully operational facility with a major new capacity expansion.

South Carolina Gov. Henry McMaster said, “With the addition of 564 jobs in advanced manufacturing and energy, Suniva’s commitment to this major expansion in the Palmetto State will create new opportunities for our workforce and help bolster energy independence in the United States. This investment strengthens our commitment to innovative energy solutions, and we are proud of Suniva’s continued success in Laurens County.”

The financing was provided by a group of top-tier financial partners, including Suniva’s largest shareholder and long-term backer, Lion Point Capital, and consists 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, along with certain other investors.