PE Deals

ARC Financial leads C$125m investment in solar manufacturer Silfab

Silfab Solar is a Toronto-based photo-voltaic module manufacturing company.

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  • The investment from ARC’s Energy Fund 9 includes co-investments by Manulife Financial Corp, Ontario Power Generation Pension Plan, CF Private Equity and BDC Capital’s Cleantech Practice
  • The proceeds will help fund Silfab’s next expansion of US manufacturing to include domestic PV cell and module production at a third facility
  • ARC Financial originally invested in the company in 2021

ARC Financial Corp has made a second investment in Silfab Solar, a Toronto-based photo-voltaic (PV) module manufacturing company.

The C$125 million investment from ARC’s Energy Fund 9 includes co-investments by Manulife Financial Corp, Ontario Power Generation Pension Plan, CF Private Equity and BDC Capital’s Cleantech Practice.

Silfab leverages 40 years of solar experience and technologies to produce solar modules from facilities in the state of Washington and Toronto. Each facility features multiple automated, quality-certified production lines utilizing just-in-time manufacturing to deliver approved PV modules specifically designed for the North American market.

The investment’s proceeds will help fund Silfab’s next expansion of US manufacturing to include domestic PV cell and module production at a third facility.

The third US solar manufacturing facility is anticipated to be fully operational in 2024 with an initial annual capability of 1 gigawatt cell production and an additional 1.2 gigawatts of PV solar module assembly.

“Silfab is ideally situated to meet North America’s growing appetite for domestically manufactured cutting-edge solar products. ARC remains confident that Silfab will be a driver in clean tech manufacturing and US engineered product innovation. Silfab continues to implement an impressive growth plan built around its unwavering commitment to manufacture high-quality products and its decades of innovation and experience,” said Brian Boulanger, CEO of ARC, in a statement.

Based in Calgary, ARC Financial is an energy-focused private equity firm. It has raised $6 billion across nine energy-focused funds since the launch of its business in 1997 and invested in more than 180 companies across the energy landscape.

ARC originally invested in Silfab in 2021, backed by co-investments from Ontario Power Generation Pension Plan and BDC Capital’s Cleantech Practice.