Solyndra begins construction on second photovoltaic panel manufacturing plant

7th September 2009

Solar energy company Solyndra has begun construction of Fab 2, its second photovoltaic panel manufacturing plant, designed to produce 500MW of solar energy per year.

The new facility, located in Fremont, California, will enable the company to fulfil its announced contractual backlog of $2bn, according to a statement.

Chris Gronet, Solyndra CEO and founder, said, ‘The economy needs clean technology alternatives to help it recover, but our planet requires clean technology solutions in order to survive. 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.’

Solyndra will finance the development through a $535m loan from the US Department of Energy (DOE), as well as $198m from an equity financing round led by Argonaut Private Equity.

Vice President Joe Biden, said, ‘This announcement today is part of the unprecedented investment this administration is making in renewable energy and exactly what the Recovery Act is all about. By investing in the infrastructure and technology of the future, we are not only creating jobs today, but laying the foundation for long-term growth in the 21st-century economy.’

Solyndra designs and manufactures photovoltaic systems, comprised of panels and mounting hardware, for the commercial rooftop market and employs high-volume manufacturing based on proven technologies and processes to meet the needs of the global solar market.

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