Silfab Solar to expand U.S. solar module production following ARC investment
Prominent North American photovoltaic (PV) module manufacturer Silfab Solar Inc. announced an investment led by ARC Financial Corp. (ARC) to significantly expand Silfab’s US solar production and supply chain footprint, and service the growing consumer appetite for American-made solar panels.
“Silfab continues to make significant investments in domestic manufacturing equipment and technology of solar panels that will lead the industry over the next five years,” said Paolo Maccario, Silfab’s Chief Executive Officer. “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. ARC’s North American energy focus supplements the solar-specific acumen of our pre-existing shareholders and this commitment from both groups will also mean more American solar jobs.”
Silfab manufactures back-contact and mono passivated emitter and rear contact (PERC) PV modules for the North American residential and commercial markets. Silfab recently earned “Top Performer” ratings under the rigorous PV Evolution Labs testing process. Silfab has recorded more than a dozen expansions of production capacity, most recently with state-of-the-art PV module assembly plants in the state of Washington.
“ARC spent extensive effort evaluating the solar industry for long-term investment opportunities that support and drive the global energy transition. Silfab’s North American-based team, automated manufacturing knowledge, product development pipeline and dedicated customer focus align with ARC’s commitment to supporting high-quality businesses,” said Brian Boulanger, CEO of ARC. “Based on current demand forecasts for PV solar, Silfab is ideally positioned for significant growth and this investment ensures the company is properly capitalized to execute on its plan.”
Silfab is the first energy transition investment from ARC’s Energy Fund 9, and includes co-investments by Ontario Power Generation Inc. Pension Plan and BDC Capital’s Cleantech Practice. ARC is one of the most established energy-focused private equity fund managers in North America and the investment reflects confidence in Silfab’s leadership team, its 40 years of solar experience, and the company’s ability to meet increasing solar demand.
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