Suniva raises $835 million in debt and equity financing for 4.5 GW solar cell manufacturing facility
Type: Financing · Technology: Solar · Country: United States · Capacity: 4.5 GW · Value: $835M · Announced: 2026-09-09
Suniva has completed an $835 million capital raise, comprising both debt and equity financing, to fund the construction of a new 4.5 GW solar cell manufacturing facility. The debt financing includes senior secured credit facilities from funds managed by Goldman Sachs Alternatives and I Squared Capital, and a second lien credit facility from JBA Asset Management. Equity investments were provided by Electron Capital Partners, Orion Infrastructure Capital (OIC), and Rubric Capital Management, among others. This funding will support the buildout of the 620,000 square-foot facility in Laurens County, South Carolina, which is expected to open in late 2027 and ramp to full production in 2028. The project is anticipated to cost $600 million and create 564 manufacturing jobs, bolstering domestic solar cell production and U.S. energy independence.
Analysis
Suniva secured $835 million of combined debt and equity financing to build a 4.5 GW solar cell manufacturing facility in Laurens County, South Carolina, with construction slated for completion in late 2027 and full production in 2028. Senior secured credit facilities were provided by funds managed by Goldman Sachs Alternatives and I Squared Capital, while a second‑lien facility was supplied by JBA Asset Management. Equity was contributed by Electron Capital Partners, Orion Infrastructure Capital, Rubric Capital Management and CleanChoice Energy. The project, estimated at $600 million, will create 564 manufacturing jobs and occupies 620,000 sq ft, with the financing structured as senior secured and second‑lien debt alongside equity investments.
Key points
- $835 million total financing (debt and equity)
- 4.5 GW solar cell capacity
- Senior secured credit from Goldman Sachs Alternatives and I Squared Capital
- Second‑lien credit from JBA Asset Management
- Equity investors include Electron Capital Partners, Orion Infrastructure Capital, Rubric Capital Management and CleanChoice Energy
Counterparties
- Rubric Capital Management (Investor)
- JBA Asset Management (Lender)
- I Squared Capital (Lender)
- CleanChoice Energy (Investor)
- Suniva (Borrower)
- Goldman Sachs Alternatives (Lender)
- Electron Capital Partners (Investor)
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