Silfab bags funds for 1-GW solar cell production project in US

North American photovoltaic (PV) module manufacturer Silfab Solar Inc has obtained USD 125 million (EUR 118.1m) in a second investment round led by private equity fund manager ARC Financial Corp.

The fresh capital will be used to finance the expansion of Silfab’s cell and module production capacity in the US, where it will open a new production base, the company said on Wednesday. The facility, the location of which was not specified, will have an initial annual cell production capacity of 1 GW and will be capable of assembling 1.2 GW of photovoltaic (PV) modules per year. Full operations are due to be achieved in 2024.

The deal is a follow-up investment for ARC’s Energy Fund 9, which in September 2021 injected an undisclosed amount into Silfab. Co-investors in the latest funding round are Manulife Financial Corporation, Ontario Power Generation Inc Pension Plan, CF Private Equity and the Cleantech Practice of BDC Capital, the investment arm of the bank for Canadian entrepreneurs BDC.

“Domestic production of solar cells represents a strategic effort to further manage our supply chain and to apply our technical prowess from the ground up for a comprehensive manufacturing process,” said Paolo Maccario, Silfab’s CEO.

At present, Silfab has production bases in Washington and Toronto, Canada.

(USD 1.0 = EUR 0.944)

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