US-based solar startup Suniva is said to receive $75m following a financing round led by private equity firm Warburg Pincus.
The funding will be used to expand manufacturing capacity at Suniva’s Norcross, Georgia plant by 64MW to 100MW per year, reported Reuters.
Suniva’s announcement comes as funding for green technology startups begins to show recovery following the global financial crisis.
Warburg Pincus managing director Chansoo Joung said Suniva stood out from other solar companies because of its high-efficiency, low-cost technology, according to Reuters.
“From the front lines I can attest that there are a great deal of cleantech and solar investment opportunities”, Joung said.
Suniva’s customers include Norway’s Renewable Energy Corp, Germany’s Solon SE and India’s Titan Energy.