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"The economy needs clean tech alternatives to help it recover, but our planet requires clean tech solutions in order to survive," said Solyndra CEO and founder Dr. Chris Gronet. “Fab 2 will allow us to meet customer demand while making a positive impact on the world’s energy and environmental needs. We are grateful for the vision and support of President Barack Obama, the U.S. Department of Energy, the U.S. Congress and our investors.”
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 & Company acted as exclusive financial advisor to Solyndra in connection with the DOE loan guarantee.
Solyndra estimates that the construction of Fab 2 will employ more than 3,000 people, 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 photovoltaic systems, comprised of panels and mounting hardware, for the commercial rooftop market. Solyndra employs high-volume manufacturing based on proven technologies and processes to meet the needs of the global solar market. Using proprietary cylindrical modules and thin-film technology, Solyndra systems are designed to provide the lowest installed cost per system and the highest solar electrical energy output for typical low slope commercial rooftops. Headquartered in Fremont, Calif., Solyndra operates a state-of-the-art 300,000-square-foot fully automated manufacturing complex.