Silfab to begin 1-GW solar cell factory in the United States by 2024

Mar 9, 2023 02:29 PM ET
  • After a successful 2nd financial investment round, North American photovoltaic panel supplier Silfab Solar can now formally introduce it is preparing to open up a 3rd U.S. solar module production center that will certainly additionally include solar cell production.

Silfab has actually been featured in local news reports out of Fort Mill, South Carolina, as going shopping a manufacturing site that might support 800 jobs outside Charlotte, North Carolina. The solar business had actually first revealed plans to start solar cell production over a year earlier. Silfab's new ELITE solar panels use an exclusive X-pattern modern technology on the cells, which would certainly require in-house made cells.

Silfab today stated it thinks the 3rd U.S. production facility will be fully operational in 2024 with a first annual capacity of 1 GW of cells and 1.2 GW of solar panels.

"Domestic production of solar cells represents a strategic effort to more manage our supply chain as well as to apply our technological prowess from scratch for a thorough manufacturing process," said Paolo Maccario, Silfab Chief Executive Officer.

Canadian-headquartered Silfab runs twin 400-MW solar module plants in Washington. With this third factory, the business needs to reach 2 GW of panel capacity in the USA.

The 3rd plant is made possible by a $125 million investment from ARC Financial Corp.'s Energy Fund 9, which includes co-investments by Manulife Financial Corporation, Ontario Power Generation Inc. Pension, CF Private Equity and BDC Capital's Cleantech Practice. ARC is a recognized energy-focused private equity fund manager.

"Silfab has actually grown greater than 40% given that ARC's first support. We are thankful for our collective partnership with ARC and also with the Biden management and its Inflation Reduction Act, both enabling us to increase our U.S. manufacturing approach. Our development means a lot more solar jobs for America as well as dependable energy that consumers will certainly use to minimize both expenses and their carbon footprint," Maccario claimed.

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