The Venture Codex

Participated · Debt Financing · Nov 2024

Silfab Solar is North America’s leading designer, developer and manufacturer of high-efficiency, premium photovoltaic (PV) modules. The company operates state-of-the-art facilities in Washington and Toronto and will soon add cell and PV module production in Fort Mill, South Carolina, scheduled to be operational by the end of the year. Silfab leverages more than 40 years of solar experience, multiple automated production lines, ISO 9001:2015 certification and just-in-time manufacturing to deliver Buy American–approved modules for the North American market. To scale its new cell manufacturing plant and expand PV module production capacity, Silfab closed $100 million of new financing. The financing consists of a $50 million equity investment led by funds advised by ARC Financial and a $50 million senior secured “Green Loan” led by Breakwall Capital with participation from SR Alternative Credit LLC. Sustainable Fitch provided a second-party opinion and judged the Green Loan’s alignment with Green Loan Principles to be “Excellent.” Management says the proceeds will advance domestic cell production, support reshoring of US-made PV products, meet customer demand, increase domestic content and reduce carbon footprint. Silfab Solar designs, develops and manufactures ultra-high-efficiency, premium PV modules for the North American residential and commercial markets. The company operates automated, ISO 9001-2015 certified production lines and produces Buy American–approved modules from facilities in Washington state and Toronto, Canada. Silfab leverages roughly 40 years of solar industry experience and offers industry-leading warranties on its products. The company is expanding U.S. production to include domestic PV cell and additional module assembly at a third facility slated to be fully operational in 2024. That new facility is planned to have an initial annual capability of 1 GW of cell production and 1.2 GW of module assembly and is expected to create more than 800 U.S. jobs. Silfab says it has grown more than 40% since ARC Financial’s initial investment in 2021. Silfab Solar Inc. manufactures ultra-high-efficiency, premium photovoltaic (PV) modules for the North American residential and commercial markets. It operates automated, ISO 9001-2015 quality–certified production lines in facilities in Washington state and Toronto, Canada, delivering Buy American–approved modules. The company leverages roughly 40 years of solar experience, offers industry-leading warranties, and recently earned “Top Performer” ratings from PV Evolution Labs. Silfab has recorded multiple capacity expansions and partners on next-generation technology applications. The company plans to significantly expand U.S. production and its supply-chain footprint to meet growing domestic demand and support more American solar jobs.