Canadian Solar Giant Scores $110m Windfall From U.S. Tax Credit Deal

Nearly a dozen workers at Silfab Solar are celebrating today after the Canadian-based solar manufacturer secured a massive $110 million windfall through the sale of tax credits. The announcement, made on May 13, 2025, details how the company offloaded Section 45X Advanced Manufacturing Production Tax Credits with BDO USA serving as their transfer advisor. Pretty sweet deal if you can get it.

Paolo Maccario, Silfab’s CEO and president, isn’t wasting time putting this cash to work. The company plans to funnel these funds directly into expanding their American solar production capabilities. They’re already running a 1.1 GW module facility in Burlington, Washington, but apparently that’s not enough.

This $110 million windfall comes just months after Silfab locked down another $100 million in financing back in November. Talk about being flush with cash. The money is earmarked for scaling up their South Carolina facility, which will produce both solar cells and modules with some serious capacity – we’re talking 1 GW of cells and 1.3 GW of modules.

The tax credits themselves stem from the Energy Policy Act of 1992, but got a major boost from the Inflation Reduction Act of 2022, extending them through 2034. Government bureaucrats call it a “formidable and necessary tool.” Translation: free money for companies willing to manufacture in America. This transaction specifically involves credits associated with American production technologies for commercial, utility, and residential applications.

It’s working, though. The solar industry has seen a ridiculous $38.3 billion in domestic manufacturing investment thanks to these policies. Silfab is just riding the wave, positioning themselves as a “proven manufacturing leader” in American-made solar technology. The deal represents a strategic move to utilize tax incentives available within the renewable energy sector.

The South Carolina expansion isn’t just about panels. It’s creating hundreds of jobs for Americans while supporting U.S. energy independence. This aligns perfectly with the global trend that has already created 13.7 million jobs in the renewable energy sector worldwide. In December, Silfab even signed offtake agreements for cells produced at the South Carolina plant.

For a Canadian company, they’re certainly making themselves comfortable on American soil. And with $110 million in fresh capital, they’re not going anywhere anytime soon.