Funds managed by I Squared provided senior secured credit facilities to support Suniva’s second U.S. solar cell manufacturing facility in South Carolina.

Funds managed by I Squared Capital have provided senior secured credit facilities as part of an $835 million debt and equity financing completed by Suniva, a U.S. manufacturer of high-efficiency monocrystalline silicon solar cells.

The financing will fund the construction of Suniva’s second U.S. manufacturing facility in Laurens County, South Carolina, and support the company’s expansion to 5.5 GW of domestic solar cell manufacturing capacity.

The new facility is designed to provide 4.5 GW of annual manufacturing capacity, more than quadrupling Suniva’s current production capabilities. Completion is expected in late 2027, with full production ramp anticipated in 2028. Together with Suniva’s existing 1 GW facility in Norcross, Georgia, the expansion will establish a scaled domestic manufacturing platform serving growing demand for U.S.-made solar cells.

The fully funded project represents an investment of approximately $600 million and is expected to create 564 advanced manufacturing jobs in South Carolina. Suniva’s planned expansion is also supported by an established domestic supply chain and long-term product offtake agreements covering the majority of its anticipated future production.

Domestic manufacturing capacity is an important component of a more secure and resilient U.S. energy supply chain, particularly as electricity demand continues to rise and investment in renewable power accelerates.

“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.” – David Rosenblum, Fund Partner

The financing reflects I Squared’s focus on supporting critical infrastructure businesses with the capital required to expand, strengthen domestic supply chains, and meet long-term energy needs.

Read the full press release from Suniva >

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