North American module manufacturer Silfab Solar has received investment led by private equity firm ARC Financial Corp to help scale up its US PV production footprint.
Led by ARC’s Energy Fund 9 and including co-investment from utility Ontario Power Generation and BDC Capital, the investment arm of the Business Development Bank of Canada, the funding – the amount of which has not been dislcosed – will support Silfab’s expansion as it responds to increased demand for American-made modules, the manufacturer said.
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With operations in Toronto, Canada, and the US state of Washington, Silfab manufactures PERC modules for the North American residential and commercial markets.
“ARC’s strategic investment provides growth capital that enables Silfab to increase domestic production and sourcing, and opens additional doors to new generations of modules,” said Silfab CEO Paolo Maccario.
The funding comes weeks after Silfab began shipping products from a new plant in Burlington, Washington, that has doubled the manufacturer’s annual production capacity to around 800MW. That expansion followed Silfab securing a US distribution deal for its modules with BayWa r.e. earlier in the year.
Silfab Solar is also among the beneficiaries of new funding from the US Department of Energy as part of a programme aimed at spurring domestic solar manufacturing. Silfab and SunFlex Solar have been awarded US$3 million to scale aluminium backsheets for silicon modules to replace existing copper ones on which electrical connections are printed.
Silfab’s manufacturing expansion follows Canadian company Heliene last week revealing plans to expand a module production facility Minnesota, taking its total manufacturing capacity up to 900MW.