Monllor Capital invests in solar module producer Solx

Solx’s Aguadilla facility is designed to supply up to one gigawatt of annual manufacturing capacity starting in the second quarter of 2026.

By THE STAR STAFF

Monllor Capital Partners LLC (MCP) has signed a membership interests purchase and sales agreement (MIPA) with Solx Holdings LLC, the domestic solar module manufacturer establishing a premier one-gigawatt production facility in Aguadilla.

MCP is leading the equity funding for Solx’s $4 million Seed-2 capital raise, to enable Solx to reach commercial production by the end of January 2026, according to a statement.

The first tranche, exceeding $1 million, closed this week, with subsequent closings scheduled for January, according to the private equity manager.

Solx represents Puerto Rico’s most significant renewable energy manufacturing initiative and is an example of U.S. public policy of onshoring critical manufacturing. Solx is 100% domestically owned and operated, free of foreign interest, and is building one of North America’s most advanced intelligent assembly lines for premium solar modules. The Aguadilla facility is designed to supply up to one gigawatt of annual manufacturing capacity starting in the second quarter of 2026. Solx is committed to advancing domestic content leadership in the U.S. solar supply chain.

The facility is a major economic catalyst for the region. Solx expects to create more than 200 direct jobs in Aguadilla and dozens more across Puerto Rico through its logistics, engineering and distribution networks. With an investment exceeding $60 million, Solx seeks to position Puerto Rico as a major player in domestic solar panel manufacturing.

“Solx is building a state-of-the-art manufacturing facility taking advantage of Puerto Rico’s highly skilled labor, local tax incentive, and strategic location,” said José A. Torres, managing partner of MCP. “This partnership offers investors a flagship opportunity to participate in the renewable energy makeover underway on the island. It also aligns with MCP’s mission to catalyze sustainable, locally anchored economic development.”

MCP offers investors multiple tax-efficient pathways to participate in the Solx offering. They include investments through the Puerto Rico Opportunity Zone Fund II (PROZ II) -- a qualified opportunity Fund, Puerto Rico Private Equity Funds under Act 60, and other vehicles designed to optimize federal and local tax treatment for qualifying accredited investors.

“Solx exists to bring critical solar manufacturing back to the United States,” added James Holmes, co-founder and CEO of Solx. “Our mission is to strengthen North American energy security and give developers a stable, reliable supply chain they can count on. Our commitment is to deliver premium, domestically manufactured modules with the innovation, quality, and resilience required to support the country’s clean energy future. We are proud to build that capability here in Puerto Rico and to make advanced solar technology accessible nationwide.

Solx modules are designed for high efficiency N Type technologies and compatible with multiple cell formats including M10, M10R, M10 Plus, and G12. The company has partnered with leading original equipment manufacturers to ensure immediate access to certified components while offering built-to-order flexibility for project developers, and engineering, procurement & construction. Quality assurance systems are structured around UL and IEC standards, advanced testing protocols, and in-line electroluminescence inspection to ensure production quality at scale.

The MIPA represents one of MCP’s most significant commitments in the renewable energy sector in Puerto Rico to date and forms part of a broader investment strategy supporting the island’s increasing resilience and economic development.

“Solx has the technology, the leadership, and the strategic importance to become an anchor manufacturer in Puerto Rico’s clean energy transition,” said Shawn Hanson, managing partner at MCP. “Domestic content is becoming essential for utility scale and commercial solar projects. Solx provides certainty in a global supply chain that has been volatile and unpredictable. Their presence in Puerto Rico is a game changer.”