Washington — Silfab Solar announced a second investment round led by ARC Financial Corp. to help fund its PV cell and module production at a third facility in the United States.
The $125 million investment from ARC’s Energy Fund 9 includes co-investments by Manulife Financial Corporation, Ontario Power Generation Inc. Pension Plan, CF Private Equity and BDC Capital’s Cleantech Practice.
Silfab’s third U.S. solar manufacturing facility is anticipated to be fully operational in 2024 with an initial annual capability of 1-gigawatt cell production and an additional 1.2 gigawatts of PV solar module assembly.
“Domestic production of solar cells represents a strategic effort to further manage our supply chain and to apply our technical prowess from the ground up for a comprehensive manufacturing process,” said Paolo Maccario, Silfab’s Chief Executive Officer.
With manufacturing facilities across North America to serve the expanding U.S. market, Silfab says it utilizes automation for module production, leverages partnerships for next-generation technology applications and offers industry-leading residential and commercial performance warranties.