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US-based solar cell manufacturer Suniva has confirmed the raise of $835 million to finance its new solar cell manufacturing facility in South Carolina. The additional capacity will take its total US production capacity to 5.5 GW. Suniva’s fund raise is noticeable not just for its size, but the fact that it is backing a tyechnology considered ‘old’ by many, especially in China. PERC based cells have been the workhorse of the solar sector until recently, when TOPcon started dominating from 2024-25 onwards. While on their way out in China, PERC remain a viable options in other markets like the US and even India, where TOPCon will probably start dominating in market share only post 2027 for fresh capaciuty additions.     
Suniva’s $835 million was a mix of debt and equity from Lion Point Capital, Goldman Sachs Alternatives, I Squared Capital, JBA Asset Management, Electron Capital Partners, Orion Infrastructure Capital, and Rubric Capital Management. 
The new 4.5 GW facility will be coming up in  Laurens County, South Carolina.  
Acccording to the firm, the project represents an investment of about $600 million and is expected to create 564 advanced manufacturing jobs, with completion set for June 2027, and a full ramp up of capacity by 2028. product offtake agreements with leading U.S. solar players for the majority of its planned future 
production. The Company expects the new Laurens County capacity to be highly competitive as  it comes online. 
Connor Arras, Managing Director, Climate Credit at Goldman Sachs Alternatives, said, “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.”  
Suniva management has claimed that they already have offtake agreements in place for a large part of the ouput in year 1, and remain confident that the US market will remain receptive to the technology and cells. With a complete ban on Chinese origin modules, the US market has also run ahead of supply when it comes to  cells and wafers, even as module production capacity has risen to cross 60 GW.
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