North American photovoltaic (PV) module manufacturer Silfab Solar Inc. has secured USD 100 million (EUR 94.6 million) in funding to advance the development of its solar cell and module manufacturing plant in Fort Mill, South Carolina.
The capital raise comprises USD 50 million raised through a fundraising round led by funds advised by ARC Financial Corp, with support from existing investors. The remaining USD 50 million was secured as senior secured financing led by Breakwall Capital, with an additional investment from SR Alternative Credit LLC (SRAC).
The 785,000-square-foot (72,928 square meter) facility is expected to begin operations by the end of 2024. Silfab's CEO, Paolo Maccario, emphasized the growing demand for American-made clean energy, expressing gratitude for the ongoing support from investors in the company's efforts to lead the reshoring of the photovoltaic supply chain and ensure a sustainable supply of US-made PV modules.
Silfab also recently received an innovation award from the US Department of Energy (DOE) for a project focused on developing back-contact N-type cells with efficiencies of at least 26%. This project will be conducted on a 300-MW pilot line at the new South Carolina facility alongside its main N-type cell manufacturing.
