Suniva, a U.S. merchant manufacturer of monocrystalline silicon solar cells, completed an $835 million capital raise comprising both debt and equity financing. The financing was provided by a group of 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.
The new capital will fund construction of Suniva’s second U.S. solar cell manufacturing facility and accelerate the company’s expansion to a total of 5.5 GW of American-made solar cell capacity, a decisive step toward U.S. energy independence. Roth Capital Partners served as lead private placement agent to Suniva. Gibson, Dunn & Crutcher served as legal counsel to Roth. Rodman & Renshaw served as a financial advisor to Suniva. J.P. Morgan acted as the sole structuring agent to Suniva. Kilpatrick Townsend & Stockton served as legal counsel to Suniva.
“Suniva is scaling from a position of strength. They’re already producing at commercial scale, have locked in critical domestic supply relationships, and have long-term customer commitments covering their planned output,” Connor Arras, managing director, climate credit at Goldman Sachs Alternatives, said. “Combined with a fully funded expansion, that gives us confidence in Suniva’s ability to become an even more important supplier to America’s solar industry as the country works toward domestic supply chain independence.”
South Carolina Governor Henry McMaster commented, “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.”
David Rosenblum, fund partner at I Squared Capital, said, “This financing reflects I Squared Capital’s expertise as a global investor in critical infrastructure, and our conviction in Suniva as a strong project developer with a clear path to scale. By providing this facility, we are supporting the creation of high-quality American jobs and the advancement of domestic manufacturing needed to meet the growing demand for renewable power.”
Laurens County council chairman Jeff Carroll added, “Laurens County is excited to welcome Suniva and their first South Carolina operation to our community. The investment commitment and job creation are a testament to our business-friendly environment. We look forward to a great partnership with Suniva for many years to come.”
Tony Etnyre, CEO of Suniva, said, “U.S. energy independence and meeting the needs of increasing energy usage in the United States requires domestic production of U.S. solar cells. As the only U.S.-owned solar cell manufacturer at commercial scale, we believe Suniva is uniquely well positioned in the market. We look forward to helping the United States and the Administration achieve its important goal of U.S. energy independence. With our second state-of-the-art high-efficiency solar cell manufacturing facility, we expect to be able to meet the growing needs for a U.S.-based source. We appreciate the strong partnership with South Carolina and the Laurens County community as we rapidly scale to meet this rising demand and strengthen the domestic U.S. solar supply chain while Suniva continues leading the next era of American solar manufacturing.”
