Solyndra Breaks Ground On 500 MW Solar Manufacturing Plant

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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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