Suniva Secures $835 Million to Build 4.5GW Solar Cell Plant in the US

US solar cell manufacturer Suniva has secured $835 million in debt and equity financing to support the development of a new 4.5GW solar cell manufacturing facility in South Carolina.

The new plant, which will be located in Laurens County, represents an investment of about $600 million and is expected to create 564 advanced manufacturing jobs. Construction is scheduled for completion by June 2027, with the facility expected to reach full production capacity in 2028.

Once operational, the plant will increase Suniva’s total US solar cell manufacturing capacity to 5.5GW, strengthening domestic production at a time when the country is seeking to reduce its dependence on imported solar components.

The financing comes from several major investment firms, including Lion Point Capital, Goldman Sachs Alternatives, I Squared Capital, JBA Asset Management, Electron Capital Partners, Orion Infrastructure Capital and Rubric Capital Management.

The investment is particularly notable because Suniva is expanding production of PERC solar cells, a technology that has faced growing competition from newer designs such as TOPCon, back-contact (BC) and heterojunction (HJT) cells.

PERC technology was widely used across the global solar industry for years before TOPCon began gaining a larger market share, particularly in China. However, Suniva believes PERC cells remain commercially viable in markets such as the United States, where domestic manufacturing capacity is still developing.

Suniva said it already has offtake agreements covering a significant portion of the new facility’s expected production, giving the company confidence in demand when the plant begins operations.

Goldman Sachs Alternatives Managing Director Connor Arras said Suniva is expanding from an established position, noting its existing commercial production, domestic supply relationships and long-term customer commitments.

The expansion comes as the US solar industry faces a shortage of domestically produced cells and wafers, even as module manufacturing capacity has grown beyond 60GW. Suniva expects its new facility to help meet this demand and strengthen the country’s domestic solar supply chain.