Important Financing Tool Furthers Domestic Manufacturing Goals for USA and Reaffirms Silfab’s Position as a Critical Supplier of Jobs, Innovative Clean Energy for the Country.
Silfab Solar, the solar industry's market leader for innovative and high-performance PV modules, today announced the sale of up to $110 million Section 45X Advanced Manufacturing Production Tax Credits (45X credits).
The sale of these credits generates incremental investment funds for Silfab to continue its important expansion efforts for American production of solar energy components for commercial, utility and residential applications and reaffirms the country’s goal to develop more domestic manufacturing.
“Silfab Solar is a proven manufacturing leader in the United States, especially with our investment in the production of American-made solar cells. The 45X production incentive remains a formidable and necessary tool to bring manufacturing into the United States,” said Paolo Maccario, CEO and President of Silfab Solar, Inc.
The transferable tax credit market allows clean energy manufacturers like Silfab to transfer their tax credits to third parties for immediate payment — creating a powerful market mechanism to channel private sector reinvestment into advanced manufacturing and added capacity to meet the growing demand for US-made solar technologies.
Silfab is operating a state-of-the-art solar cell manufacturing and module assembly facility in South Carolina that will initially produce 1 gigawatt of American-made solar cells and another 1.3 gigawatts of modules. Silfab, with more than 40 years of solar experience, also operates a 1.1 gigawatt PV module facility in Burlington, Washington.
“Silfab is deeply committed to the country’s desire for energy independence, which we are achieving through production of our high-quality, powerful solar modules along with the creation of hundreds of good-paying jobs for Americans,” Maccario said.
BDO USA, one of the nation's leading accounting and advisory firms, served as the tax credit transfer advisor on this transaction. BDO's Business Incentives & Tax Credits practice assists clients in the generation, compliance, and monetization of tax credits.
About Silfab Solar
Silfab Solar is the North American leader in the design, development, and manufacture of high-efficiency, premium-quality PV modules. Silfab leverages more than 40 years of solar experience and best-in-class technologies to produce the highest-rated solar modules. Silfab operates out of Burlington, Washington, Toronto, Canada and Fort Mill, SC. Each operating facility features multiple automated production lines, certified to the ISO 9001:2015 Quality Management System standard, and just-in-time manufacturing to deliver Buy American-approved PV modules specifically designed for and dedicated to the North American market. www.silfabsolar.com
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Contacts
Silfab Media Contact: Geoff Atkins, Email: g.atkins@silfabsolar.com Tel: +1-905-255-2501 Ext. 737
