Suniva Completes $835 Million Capital Raise to Build Second Major U.S. Solar Cell Manufacturing Facility and More Than Quadruple Capacity to 5.5 GW

LOCATION
Laurens, SC

PROPERTY
Hunter Industrial Park

New capital accelerates rapid expansion of American-made solar cell capacity; Laurens County, South Carolina facility expected online in late 2027, building on Suniva’s 1 GW Norcross, Georgia operation and strengthening U.S. energy independence.

NORCROSS, Ga.--Suniva, the largest and oldest U.S. merchant manufacturer of high-efficiency monocrystalline silicon solar cells (“Suniva” or the “Company”), today announced the completion of an $835 million capital raise comprising both debt and equity financing. The financing was provided by a group of top-tier financial partners, including Suniva’s largest shareholder and long-term backer, Lion Point Capital, and consists of senior secured credit facilities provided by funds managed by Goldman Sachs Alternatives and I Squared Capital, a second lien credit facility provided by JBA Asset Management, and equity investments by Electron Capital Partners, Orion Infrastructure Capital (OIC), and Rubric Capital Management, along with certain other investors. The new capital will fund construction of Suniva’s second U.S. solar cell manufacturing facility and accelerate the Company’s rapid expansion to a total of 5.5 GW of American-made solar cell capacity, a decisive step toward U.S. energy independence. Roth Capital Partners served as lead private placement agent to Suniva. Gibson, Dunn & Crutcher LLP served as legal counsel to Roth. Rodman & Renshaw served as a financial advisor to Suniva. J.P. Morgan acted as the sole structuring agent to Suniva. Kilpatrick Townsend & Stockton LLP served as legal counsel to Suniva.

Suniva’s new 4.5 GW high-efficiency monocrystalline silicon solar cell manufacturing facility, which is currently under development in Laurens County, South Carolina, will more than quadruple its capacity, with completion expected in late 2027 and full ramp expected in 2028. The shell of the 621,468 square foot building is already complete. The fully-funded project represents an approximately $600 million investment and an anticipated 564 new advanced manufacturing jobs, creating a major industrial anchor for South Carolina’s Upstate region. Suniva’s existing, fully operational facility in Norcross, Georgia, is already delivering 1 GW of high-efficiency monocrystalline silicon solar cell manufacturing capacity. Suniva’s Laurens County, SC expansion builds directly on the operational success of its Norcross factory, pairing a fully operational facility with a major new capacity expansion, a combination unique among U.S. solar cell manufacturers.

Suniva’s expansion is de-risked by a domestic supply chain already in place and by long-term product offtake agreements with leading U.S. solar players for the majority of its planned future production. The Company expects the new Laurens County capacity to be highly competitive as it comes online.

Connor Arras, Managing Director, Climate Credit at Goldman Sachs Alternatives, said, "Suniva is scaling from a position of strength. They're already producing at commercial scale, have locked in critical domestic supply relationships, and have long-term customer commitments covering their planned output. Combined with a fully funded expansion, that gives us confidence in Suniva's ability to become an even more important supplier to America's solar industry as the country works toward domestic supply chain independence."

South Carolina Governor Henry McMaster, commented, “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 United States. This investment strengthens our commitment to innovative energy solutions, and we are proud of Suniva’s continued success in Laurens County.”

David Rosenblum, Fund Partner, I Squared Capital, said: “This financing reflects I Squared Capital’s expertise as a global investor in critical infrastructure, and our conviction in Suniva as a strong project developer with a clear path to scale. By providing this facility, we are supporting the creation of high-quality American jobs and the advancement of domestic manufacturing needed to meet the growing demand for renewable power.”

“Laurens County is excited to welcome Suniva and their first South Carolina operation to our community. The investment commitment and job creation are a testament to our business-friendly environment. We look forward to a great partnership with Suniva for many years to come,” said Laurens County Council Chairman Jeff Carroll.

“By selecting its location in Laurens County, Suniva joins a growing number of manufacturers in Upstate S.C. whose products help to power the world, deepening our expertise in advanced energy. We’re excited for the opportunities they will create in our region and look forward to watching them grow,” said Upstate SC Alliance President and CEO John Lummus.

"U.S. energy independence and meeting the needs of increasing energy usage in the United States requires domestic production of U.S. solar cells. As the only U.S.-owned solar cell manufacturer at commercial scale, we believe Suniva is uniquely well positioned in the market. We look forward to helping the United States and the Administration achieve its important goal of U.S. energy independence," said Tony Etnyre, CEO of Suniva, Inc. "With our second state-of-the-art high-efficiency solar cell manufacturing facility, we expect to be able to meet the growing needs for a U.S.-based source. We appreciate the strong partnership with South Carolina and the Laurens County community as we rapidly scale to meet this rising demand and strengthen the domestic U.S. solar supply chain while Suniva continues leading the next era of American solar manufacturing.”

Suniva announced on June 8, 2026 that it signed a definitive reverse merger agreement (the “Merger Agreement”) pursuant to which Suniva will merge with a wholly-owned subsidiary of SUNation Energy, Inc. (Nasdaq: SUNE) (“SUNation”), a leading provider of residential and commercial solar energy systems, battery storage solutions, and comprehensive energy services. The combined company is expected to operate under the Suniva name and continue SUNation’s listing on the Nasdaq Capital Market.

Original article from Business Wire