Silfab Solar has closed on $100 million of new financing to scale its solar cell manufacturing plant in Fort Mills, S.C.
The $50 million equity investment was led by funds advised by ARC Financial and includes investment from their existing co-investors. The company additionally raised a $50 million senior secured financing, led by Breakwall Capital, and includes an investment from SR Alternative Credit.
The loan and financing are slated to advance the overall capacity of Silfab’s cell production and PV module manufacturing within its South Carolina facility, scheduled to be operational by the end of this year.
Sustainable Fitch provided a second-party opinion on the 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.
“American-made clean energy is and will remain in huge demand,” says Paolo Maccario, Silfab president and CEO.
“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 U.S.-made PV modules,” says Paolo Maccario, Silfab president and CEO.
“Silfab’s growing U.S. footprint and increase in domestic content means more jobs for Americans and a lower carbon footprint compared to imported panels.”
Norton Rose Fulbright acted as legal counsel to Silfab. Kirkland & Ellis acted as legal counsel to Breakwall Capital. Stikeman Elliott acted as legal counsel to ARC Financial. RCT Solutions acted as the independent engineer for Breakwall.
The post Silfab Solar Raises $100M to Scale Domestic Cell Manufacturing Facility appeared first on Solar Industry.
Silfab Solar Raises $100M to Scale Domestic Cell Manufacturing Facility
Six months ago, our local CVS drugstore had a manager, a handful of employees answering customers’ questions, checking them out at the cash register, stocking shelves, etc.
Last month, I noticed that most of these employees were gone, and the former manager was now stocking shelves. I also noted long lines of customers waiting for an automated checkout machine to become available.
Last week, I saw the former manager working at a nearby grocery store.
Also, the pharmacy is now closed for an hour for lunch. When I asked about this, I was asked, “Don’t you think we employees deserve to eat lunch?” I responded, “Of course I do. But can’t CVS afford to staff the pharmacy so customers are not inconvenienced?”
This is certainly not a unique–or even rare–occurrence; it seem that CVS is like most large corporations, driven by cost-cutting, while abusing their employees and their customers.
Barack Obama read the actual GOP agenda to a roaring Atlanta crowd Wednesday: a $1 trillion tax cut for millionaires and billionaires, paid for with higher health care costs and Medicaid cuts. Plus a war in Iran that everyone warned would push prices up. “(Democrats will) ban hamburgers and make everybody eat tofu,” he joked.
The meme here makes sense–until you realize that the most productive, happiest people on Earth live in Scandinavia and the other social democracies scattered around the globe.
Providing everyone with the opportunity to succeed seems to work quite well in the real world.
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