Silfab Solar Inc., North America’s leading solar module manufacturer, has announced the successful closure of $100 million in new financing.
This funding includes a $50 million equity investment led by ARC Financial Corp. and its co-investors, and a $50 million senior secured financing (Green Loan) led by Breakwall Capital, with investment from SR Alternative Credit LLC.
The financing will boost Silfab’s production capacity for solar cells and PV modules at its new facility in Fort Mill, South Carolina. This expansion aims to meet the high demand for US-made solar products. The new facility is expected to be operational by the end of this year.
Sustainable Fitch has given a second-party opinion on the Green Loan, rating it as “Excellent” and confirming its alignment with international Green Loan Principles.
Silfab President and CEO Paolo Maccario expressed gratitude for the support from investors, emphasizing that American-made clean energy is in high demand. He noted that the expansion will create more jobs and reduce the carbon footprint compared to imported panels.
Daniel Flannery, President and Managing Partner of Breakwall Capital, expressed excitement about the partnership with Silfab, highlighting the importance of the expansion to meet domestic content demand and support the reshoring of the solar manufacturing ecosystem in the US.
Legal counsel for Silfab was provided by Norton Rose Fulbright LLP, while Kirkland & Ellis LLP advised Breakwall Capital, and Stikeman Elliott LLP acted for ARC Financial. RCT Solutions served as the independent engineer for Breakwall.
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