company news about Silfab Solar: plans to build a third photovoltaic manufacturing plant

Silfab Solar: plans to build a third photovoltaic manufacturing plant

According to foreign media reports, after the successful second round of investment, North American photovoltaic module manufacturer Silfab Solar announced that it plans to open a third photovoltaic module production plant in the United States, which will also include photovoltaic cell manufacturing.

Silfab Solar plans to build a production base in Fort Mill, South Carolina, which can provide 800 local jobs. The company first said a year ago that it planned to start manufacturing photovoltaic cells, and its new ELITE photovoltaic modules use a proprietary X-patterning technology on the cells that will require in-house manufactured photovoltaic cells.

Silfab Solar said the third PV module manufacturing plant will be fully operational in 2024 with an initial annual production capacity of 1GW of PV cells and 1.2GW of PV modules.

Paolo Maccario, CEO of Silfab Solar, said: "The production of photovoltaic cells in the United States represents our strategic effort to further manage the supply chain and apply our technical strength to the full-scale manufacturing process."

Silfab Solar operates two PV module manufacturing plants with an annual production capacity of 400MW in Washington, D.C., and with a third manufacturing plant, the company's annual production capacity of PV modules in the United States will reach 2GW.

The third manufacturing facility will receive $125 million in investment from ARC Financial's Energy Fund, which includes co-investment from Manulife Financial, Ontario Power Generation, CF Private Equity and BDC. ARC Financial is an energy-focused private equity fund manager.
Paolo Maccario said, "Silfab Solar has grown its business by more than 40% since the initial funding from ARC Financial. We are delighted to be working with ARC Financial and to benefit from the Inflation Cut Act passed by the US government, This allows us to accelerate our growth strategy of manufacturing in the U.S. Our growing business means more photovoltaic jobs in the U.S. and customers using reliable energy that reduces costs and carbon footprints."