Silfab Solar Raises $125M to Execute First Phase for its USA Cell Manufacturing Facility, Including a 2nd Investment from ARC Financial
ARC is one of North America’s most established energy-focused private equity fund managers. The latest investment reflects ARC’s continued confidence in Silfab’s ability to meet increasing demand for high-quality PV modules through a sustainable growth strategy guided by Silfab’s leadership team and built upon 40 years of experience in the solar industry.
Silfab Solar Inc., a North American leader in photo-voltaic (PV) module manufacturing, today announced a second investment round led by ARC Financial Corp. ("ARC") to help fund Silfab's next expansion of made-in-America manufacturing to include domestic PV cell and module production at a third facility to open 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. ARC is one of North America's most established energy-focused private equity fund managers. The latest investment reflects ARC's continued confidence in Silfab's ability to meet increasing demand for high-quality PV modules through a sustainable growth strategy guided by Silfab's leadership team and built upon 40 years of experience in the solar industry.
"Silfab is ideally situated to meet North America's growing appetite for domestically manufactured cutting-edge solar products. ARC remains confident that Silfab will be a driver in clean tech manufacturing and U.S. engineered product innovation. Silfab continues to implement an impressive growth plan built around its unwavering commitment to manufacture high-quality products and its decades of innovation and experience," said Brian Boulanger, CEO of ARC.
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. Investing in U.S.-made solar cells is a critical component in a clean supply chain to support the manufacturing of solar panels for North American customers. The new facility is expected to generate more than 800 new U.S. jobs. Other details of the new facility, including location, will be announced at a future date.
"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. "Silfab has grown more than 40 percent since ARC's initial support. We are thankful for our collaborative relationship with ARC and with the Biden administration and its Inflation Reduction Act, both enabling us to accelerate our U.S. manufacturing strategy. Our growth means more solar jobs for America and reliable energy that customers will use to reduce both costs and their carbon footprint."
With manufacturing facilities across North America to serve the expanding U.S. market, Silfab utilizes best-in-class automation for ultra-high efficiency module production, leverages partnerships for next-generation technology applications, and offers industry-leading warranties for residential and commercial performance.
ARC's first investment, announced in September 2021, enabled Silfab to make further enhancements to production lines at existing Washington facilities in order to deploy next-generation PV modules to North American consumer, business, and institutional markets.
Backed by some of the best warranties in the industry, Silfab manufactures among the most durable, reliable and powerful solar PV modules for the North American residential and commercial markets. Silfab has recorded more than a dozen expansions of production capacity, most recently with state-of-the-art PV module assembly plants in the state of Washington.
To read about Silfab's full product line, visit www.silfabsolar.com.
About Silfab Solar
Silfab Solar is the North American leader in the design, development and manufacture of ultra-high-efficiency, premium quality PV modules. Silfab leverages 40 years of solar experience and best-in-class technologies to produce the highest-rated solar modules from facilities in the state of Washington and Toronto, Canada. Each facility features multiple automated ISO 9001-2015 quality certified production lines utilizing just-in-time manufacturing to deliver Buy American approved PV modules specifically designed for and dedicated to the North American market. www.silfabsolar.com
About ARC Financial Corp.
Founded in 1989, ARC Financial Corp. is committed to building high-performing businesses that address the world's energy and sustainability needs. To date, ARC has raised $6 billion across nine energy-focused funds since the launch of its private equity business in 1997, having invested capital in more than 180 companies across the energy landscape. ARC has a diverse team of investment professionals with deep domain and capital markets experience and expertise across the energy spectrum. The ARC Energy Research Institute supports its investment strategies, proactively identifying key trends, and building relationships with entrepreneurs, industry leaders, and government. www.arcfinancial.com