US-based Suniva has completed an $835m capital raise to support the construction of a new solar cell manufacturing facility in Laurens County, South Carolina.
The funds, consisting of both debt and equity, will also back an expansion initiative that aims to increase the company’s total US manufacturing capacity to 5.5GW.
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The financing involved contributions from several investors. Suniva’s largest shareholder, Lion Point Capital, participated, alongside senior secured credit facilities arranged by funds managed by Goldman Sachs Alternatives and I Squared Capital.
Additional funding came from a second lien credit facility provided by JBA Asset Management and equity investments from Electron Capital Partners, Rubric Capital Management, Orion Infrastructure Capital and others.
Construction is under way on the new South Carolina plant, which is expected to add 4.5GW of monocrystalline silicon solar cell capacity once fully operational.
Suniva expects to complete the 621,468ft² facility by late 2027, with a full production ramp-up in 2028.
The project represents around $600m in investment and is expected to create 564 new jobs in the region.
Suniva’s existing facility in Norcross, Georgia, currently produces 1GW of high-efficiency monocrystalline silicon solar cells.
The new plant in South Carolina will more than quadruple the company’s US output, with Suniva stating it is pairing its operational Georgia site with the upcoming production in Laurens County.
The company has secured a domestic supply chain and long-term agreements with US solar companies for much of its planned output.
South Carolina Governor Henry McMaster said: “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 US. This investment strengthens our commitment to innovative energy solutions, and we are proud of Suniva’s continued success in Laurens County.”
Suniva announced in June 2026 that it had signed a definitive reverse merger agreement with SUNation Energy, a Nasdaq-listed provider of solar energy systems and services.
The combined company is expected to continue trading on the Nasdaq Capital Market under the Suniva name.
