SUNation Energy's merger target, Suniva, Inc., announced the completion of an $835 million capital raise to fund a significant expansion of its U.S. solar cell manufacturing capabilities. The financing will support the construction of a new facility in South Carolina, which is expected to more than quadruple the company's total production capacity ahead of the planned reverse merger with SUNation.
Key Details
- Financing: Suniva secured $835 million through a combination of debt and equity financing from a group of investors including funds managed by Goldman Sachs Alternatives and I Squared Capital.
- Expansion Project: The capital will be used to build a new 4.5 GW high-efficiency solar cell manufacturing facility in Laurens County, South Carolina. The project represents an investment of approximately $600 million.
- Capacity and Timeline: The new facility will increase Suniva's total American-made solar cell capacity to 5.5 GW. Completion is expected in late 2027, with a full production ramp-up anticipated in 2028.