Solyndra Breaks Ground On 500 MW Solar Manufacturing Plant


Solyndra Inc. has commenced construction of its second solar panel manufacturing plant, known as Fab 2. Located near its current manufacturing facility in Fremont, Calif., Fab 2 is designed to produce 500 MW per year.

Solyndra says this new facility will enable the company to fulfill its announced contractual backlog of over $2 billion and create additional jobs.

The first phase of Fab 2 is being financed by public and private sources. Solyndra is the first company to receive a loan guaranteed by the U.S. Department of Energy (DOE) under Title XVII of the Energy Policy Act of 2005. The $535 million loan from the U.S. Treasury, combined with $198 million from an equity financing round led by Argonaut Private Equity, provide the capital required for the project. Goldman Sachs & Co. acted as exclusive financial advisor to Solyndra in connection with the DOE loan guarantee.

SOURCE: Solyndra Inc.

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