Suniva secures $835 million for 4.5 GW solar

Suniva has completed an $835 million capital raise to fund a major new solar cell manufacturing facility. The company plans to build 4.5 GW of new annual production capacity inside a 620,000 square-foot building under construction in Laurens County, South Carolina.

The financing package includes both debt and equity. Senior secured credit facilities were provided by funds managed by Goldman Sachs Alternatives and I Squared Capital. JBA Asset Management supplied a second lien credit facility. Equity investments came from Electron Capital Partners, Orion Infrastructure Capital (OIC), and Rubric Capital Management, among others.

Suniva CEO Tony Etnyre stated the company is uniquely positioned. "As the only U.S.-owned solar cell manufacturer at commercial scale, we believe Suniva is uniquely well positioned in the market," he said. "We look forward to helping the United States and the Administration achieve its important goal of U.S. Energy independence."

Expansion and Capacity

The new South Carolina facility is expected to open in late 2027, with production ramping to full capacity in 2028. The total project cost is estimated at $600 million. Once fully operational, the plant will require 564 manufacturing workers.

This expansion will increase Suniva's total annual production capacity to 5.5 GW. That figure includes its existing 1 GW facility in Norcross, Georgia. A previous 2023 plan to expand the Georgia site to 3.5 GW appears to have been superseded by the new South Carolina project.

South Carolina Governor Henry McMaster welcomed the investment. "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," he said.

Trade Policy Context

The expansion comes as the domestic solar manufacturing sector reacts to new trade measures. Recently-announced Section 232 trade actions have imposed a price floor and tariffs on imported solar cells and modules.

The policy has already caused finished module prices to rise to levels not seen since the 2023 anti-circumvention inquiry into Southeast Asian operations. The trade action sets a minimum import price for solar cells at 22 cents per watt, with an additional 15% ad valorem tariff.

This high price floor could improve the profitability of domestic cell manufacturing. Suniva's new 4.5 GW facility positions the company to capitalize on the current trade policy environment.

Project De-risking and Offtake

According to the company's announcement, the expansion is financially de-risked. Suniva cites an established domestic supply chain and long-term product offtake agreements as key factors. The company has secured agreements with leading U.S. Solar players for the majority of its planned future production.

The report, from pv-magazine, notes that the capital raise will drive the buildout of the new facility. Suniva expects the project to strengthen the U.S. Solar manufacturing base and support energy independence goals.