Norcross, Ga.-based Suniva has raised $835 million in debt and equity financing to build a 4.5-gigawatt solar-cell manufacturing plant in Laurens County, S.C., expanding its U.S. production capacity more than fourfold. The financing comes as the company seeks to scale domestic manufacturing amid efforts to reduce reliance on imported solar components. The new facility is expected to begin production in late 2027 and reach full capacity in 2028, adding 564 advanced-manufacturing jobs.
The financing includes senior secured credit facilities provided by funds managed by Goldman Sachs Alternatives and Miami, Fla.-based I Squared Capital, a second-lien facility from JBA Asset Management, and equity investments from Electron Capital Partners, Orion Infrastructure Capital, and Rubric Capital Management, among other investors. Lion Point Capital, Suniva’s largest shareholder and long-term backer, also participated.
Suniva manufactures crystalline-silicon photovoltaic cells that are sold to solar-industry customers for incorporation into finished solar modules and other systems. Its new South Carolina facility covers 621,468 square feet, and the building shell is already complete. The company says domestic suppliers and long-term offtake agreements with U.S. solar companies covering most of the planned future production should provide a customer base as the plant ramps.
“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,” said Tony Etnyre, CEO of Suniva.
Etnyre brings more than 25 years of experience in solar manufacturing, semiconductors, and industrial operations. Before joining Suniva, he served as president and CEO of FTC Solar, where he grew the company’s revenue from zero to $187 million over four years and led it through a $258 million initial public offering in 2021 at a valuation of about $1.3 billion.
Earlier, Etnyre held senior operational and engineering roles at SunEdison, including vice president of its Solar Module Business Unit and vice president of engineering. He also serves on the board of clean-technology company Nitricity and previously held a leadership position at Xponent Power.
A graduate of the United States Military Academy at West Point, he has focused his career on manufacturing operations, global supply chains, and semiconductor production.
Suniva is also pursuing a reverse merger with SUNation Energy, announced in June. Under the agreement, Suniva would merge with a SUNation subsidiary, with the combined company expected to operate under the Suniva name while retaining SUNation’s Nasdaq listing.

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