Solyndra, Inc. has commenced construction of its second solar panel manufacturing plant (Fab 2). Located near its current manufacturing facility in Fremont, California, Fab 2 is designed to produce 500 megawatts (MW) per year.
The new facility will help Solyndra fulfill its announced contractual backlog of over $2 billion.
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 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.
Solyndra estimates that the construction of Fab 2 will employ over 3,000 people in solar jobs, the ongoing operation of the facility will create over 1,000 jobs, and that installation of Solyndra PV systems will generate hundreds of additional jobs.
Solyndra designs and manufactures unique cylindrical solar module for the commercial rooftop market.
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