Suniva, which is the largest and oldest U.S. merchant manufacturer of high-efficiency monocrystalline silicon solar cells, on September 8, 2026, went ahead and announced the closing of an $835 million capital raise consisting of debt and equity financing.
Apparently, the financing is backed by a group of leading financial partners, which include the largest shareholder and long-term supporter of Suniva – Lion Point Capital, and consists of other senior secured credit facilities from funds managed by Goldman Sachs Alternatives along with I Squared Capital, a second lien credit facility from JBA Asset Management along with equity investments from Electron Capital Partners, Orion Infrastructure Capital – OIC and Rubric Capital Management, and also a few additional investors.
The new capital will allow Suniva to build a second U.S. solar cell manufacturing plant and speed up the rapid growth of the company to a total of 5.5 GW of American-made solar cell capacity, a critical step toward achieving U.S. energy independence. Suniva was led by Roth Capital Partners in its private placement. Roth was represented by Gibson, Dunn & Crutcher LLP. Rodman & Renshaw served as the placement agent of Suniva. Interestingly, Suniva’s only structuring agent was J.P. Morgan. Suniva was represented by Kilpatrick Townsend & Stockton LLP.
Suniva is constructing a new 4.5 GW high-efficiency monocrystalline silicon solar cell manufacturing plant which will be its second U.S. solar cell manufacturing plant in Laurens County, South Carolina, which will increase its capacity by more than fourfold. Its completion is anticipated by the end of 2027, with complete ramp anticipated in 2028. The shell of the 621,468-square-foot building is already finished. The fully funded project amounts to an investment of about $600 million and will create an expected 564 new advanced manufacturing jobs, which will establish a major industrial presence in the Upstate region of South Carolina. Suniva’s existing fully operational facility located in Norcross, Georgia, currently supplies 1 GW of highly efficient monocrystalline silicon solar cell manufacturing capacity. The expansion by Suniva in Laurens County, SC, is a natural extension of the successful operation of its Norcross factory, with a full-scale operational facility combined with a substantial new capacity growth, not seen among U.S. solar cell manufacturers.
The expansion of Suniva is de-risked by the existing domestic supply chain and long-term product off-take contracts with the leading U.S. solar players for nearly all of the anticipated future production. As the new Laurens County capacity is put on stream, the company is expecting it to be highly competitive.
According to the managing director of climate credit, Goldman Sachs, Connor Arras, “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.”
Opines South Carolina Governor Henry McMaster, “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.”
Fund Partner, I Squared Capital, David Rosenblum, 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.”
According to Laurens County Council Chairman Jeff Carroll, “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.”
Says Upstate SC Alliance President and CEO John Lummus, “By selecting its location in Laurens County, Suniva joins a growing number of manufacturers in Upstate S.C. whose products help 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.”
As per the CEO of Suniva, Inc., Tony Etnyre, “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. 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, which happens to be a leading provider of residential as well as commercial solar energy systems, battery storage solutions along with comprehensive energy services, went on to disclose on June 8, 2026, that it has entered into a binding reverse merger agreement according to which Suniva will combine with a wholly-owned subsidiary of SUNation Energy, Inc. The merged company will continue to trade under the Suniva name and maintain the listing of SUNation on the Nasdaq Capital Market.