Silfab Solar Raises $100 Million to Scale Its Cell Manufacturing Facility in Fort Mill, S.C.

Silfab Solar Inc. (“Silfab”), North America’s leading photo-voltaic (“PV”) module manufacturer, announced that it has closed on $100 million of new financing to scale its state-of-the-art solar cell manufacturing plant. The $50 million equity investment was led by funds advised by ARC Financial Corp. (“ARC”) and includes investment from their existing co-investors. The company additionally raised a $50 million senior secured financing (the “Green Loan”) led by Breakwall Capital, an energy-focused asset manager and employee-owned firm committed to supporting the growth and improvement of conventional, renewable, and next generation energy companies, and includes an investment from SR Alternative Credit LLC (“SRAC”).

The Green Loan and equity financing will advance the overall capacity of Silfab’s cell production and PV module manufacturing within its new facility in Fort Mill, South Carolina, and to reshore US-made solar products that are in high demand by the company’s customers. Silfab’s newest US facility is scheduled to be operational by the end of this year.

Sustainable Fitch provided a second-party opinion on the Green Loan and considers the transaction to be structured in line with the Loan Market Association, Loan Syndications and Trading Association and Asia Pacific Loan Market Association Green Loan Principles. Sustainable Fitch’s view is that the Green Loan’s alignment with these principles is “Excellent.”

“American-made clean energy is and will remain in huge demand. We are thankful for the continued support of both existing and new investors in our mission to lead the reshoring of the PV supply chain – ensuring a sustainable supply of US-made PV modules,” said Paolo Maccario, Silfab President and CEO. “Silfab’s growing US footprint and increase in domestic content means more jobs for Americans and a lower carbon footprint compared to imported panels.”

Daniel Flannery, President and Managing Partner of Breakwall Capital, said “We are thrilled to partner with Silfab as they expand their existing manufacturing capabilities, and integrate a unique operation of high quality, made-in-America solar cells and PV modules. As the largest private manufacturer of PV modules in North America with over a decade of successful operating experience, this capacity expansion is critical to meet the domestic content demand from its customer base. We could not be more excited to play a part in helping Silfab be a first mover with respect to domestic cell production while furthering the broader reshoring objectives of the entire solar manufacturing ecosystem in the United States.”

Norton Rose Fulbright LLP acted as legal counsel to Silfab. Kirkland & Ellis LLP acted as legal counsel to Breakwall Capital. Stikeman Elliott LLP acted as legal counsel to ARC Financial. RCT Solutions acted as the independent engineer for Breakwall.

Silfab Solar | www.silfabsolar.com

ARC Financial | www.arcfinancial.com

Breakwall Capital | www.breakwallcap.com

SR Alternative Credit | www.sraltcredit.com