Suniva raises $840M to quadruple US solar cell output
What's the deal? Suniva, the largest and oldest US merchant manufacturer of high-efficiency monocrystalline silicon solar cells, has closed an $835 million capital raise combining debt and equity. The financing was led by long-term backer Lion Point CapitalDealroom has a profile for this one. Try Dealroom →, with senior secured credit from Goldman Sachs Alternatives and I Squared CapitalDealroom has a profile for this one. Try Dealroom →, a second lien facility from JBA Asset Management, and equity from Electron Capital PartnersDealroom has a profile for this one. Try Dealroom →, Orion Infrastructure CapitalDealroom has a profile for this one. Try Dealroom →, and Rubric Capital ManagementDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The money funds Suniva's second US solar cell factory, in Laurens County, South Carolina. The 4.5 GW plant will more than quadruple capacity to 5.5 GW total, building on Suniva's operational 1 GW facility in Norcross, Georgia.
Why now? Suniva is positioning to advance US energy independence as the country builds a domestic solar supply chain. The roughly $600 million South Carolina project is expected online in late 2027, with full ramp in 2028, and is set to create 564 advanced manufacturing jobs.
What's the plan to de-risk? The expansion rests on a domestic supply chain already in place and long-term offtake agreements covering most of Suniva's planned output. The shell of the 621,468 square foot building is already complete.
Backers point to that foundation. "Suniva is scaling from a position of strength," said Connor Arras, managing director, climate credit at Goldman Sachs Alternatives, citing commercial-scale production, locked-in domestic supply, and long-term customer commitments.
The signal: At $835 million, this ranks among the very largest growth equity rounds in US energy over the past four years — top 1% of a 50-deal sample. It reflects investor conviction that reshoring solar manufacturing has become both a policy priority and a viable industrial bet.
Image credit: U.S. Department of Energy
