FREMONT, USA: Solyndra Inc. 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 per year. The new facility will enable Solyndra to fulfill its announced contractual backlog of over $2 billion and create additional jobs. Solyndra's two Fabs will produce enough solar panels over their lifetime to cut over 350 million metric tons of CO2 emissions or 850 million barrels of oil.
“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 US Department of Energy, the US 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 US Department of Energy under Title XVII of the Energy Policy Act of 2005.
The $535 million loan from the US 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, 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.