A top North American solar panel manufacturer selected the Charlotte, North Carolina, area for the site of a new flagship facility that is designed to boost solar cell production in the United States as the sector looks to wean itself off of foreign solar panel manufacturers and bring more development in-house.
Canada's Silfab Solar said it will invest $150 million to establish a roughly 786,000-square-foot plant in Fort Mill, South Carolina, where it will manufacture next-generation solar cell technology as part of its East Coast operations. The sizable investment and the expected creation of 800 new jobs tied to the new plant earned the deal the 2024 CoStar Impact Award for lease of the year in Charlotte, as determined by an independent panel of local industry professionals.
Silfab Solar's investment continues a national push to improve the domestic supply chain as North American companies compete with Chinese manufacturers for market share in the renewable energy space.
Since the Inflation Reduction Act passed in 2022, U.S. solar and storage companies have announced over $100 billion in private-sector investments, according to an August analysis by the Solar Energy Industries Association. Over the next decade, the U.S. solar industry is expected to generate $565 billion in private-sector investments and see its manufacturing workforce triple in size to over 100,000 jobs, the SEIA forecasts.
Silfab Solar, based in Ontario, chose York County to house its East Coast operations due to the area's "commitment to innovation, its quality of life and the availability of a skilled workforce," company CEO Paolo Maccario said at the time of the deal. Silfab Solar designs, engineers and manufactures a brand of solar panels for both residential and commercial use. The company also has facilities in Toronto and Burlington, Washington.
About the Project: Silfab Solar's new facility was constructed in 2022 on a speculative basis at 7149 Logistics Lane in Fort Mill. Developed by the Rockefeller Group as part of the two-building Stateline 77 industrial park, the complex is located along Interstate 77 just southwest of Charlotte and about 15 miles south of Charlotte Douglas International Airport. Silfab Solar is expected to open its new plant this summer. The Coordinating Council for Economic Development approved job development credits related to the project and awarded a $2 million set-aside grant to York County to assist with the costs of building improvements.
What the Judges Said: The judges cited the size of the investment as well as the number of jobs created as the primary reasons for the deal being selected as the market's lease of the year.
Adam Williams, a partner with Legacy Commercial Real Estate, noted its "size, scope, and importance to the city," while Paula Saunders, a senior broker with New South Properties, emphasized the creation of 800 new jobs in manufacturing.
They Made it Happen: JLL’s Spencer Yorke and Brad Cherry brokered the lease for then-owner the Rockefeller Group. Grant Miller of Colliers negotiated the deal for Silfab Solar.
CoStar Market Manager Morgan Markowitz contributed to this report.