SAN FRANCISCO, April 2, 2009 — Solyndra, Inc. announced today that it is the first company to receive an offer for a U.S. Department of Energy (DOE) loan guarantee under Title XVII of the Energy Policy Act of 2005. Solyndra, a Fremont, California-based manufacturer of innovative cylindrical photovoltaic systems, will use the proceeds of a $535 million loan from the U.S. Treasury's Federal Financing Bank to expand its solar panel manufacturing capacity in California. "The leadership and actions of President Barack Obama, Energy Secretary Steven Chu and the U.S. Congress were instrumental in concluding this offer for a loan guarantee," said Solyndra CEO and founder, Dr. Chris Gronet. "The DOE Loan Guarantee Program funding will enable Solyndra to achieve the economies of scale needed to deliver solar electricity at prices that are competitive with utility rates. This expansion is really about creating new jobs while meaningfully impacting global warming."
Environmental Management and Planning Solutions, Inc. (EMPSi) conducted environmental analysis, compliance and National Environmental Policy Act support as part of this coordinated effort. "We are excited and proud to have helped get the first loan guarantee out of the gates and to get renewable energy growing nationwide," said EMPSi Principal, John King.
The guaranteed loan, expected to provide debt financing for approximately 73 percent of the project costs, will allow Solyndra to initiate construction of a second solar panel fabrication facility (Fab 2) in California. On completion, Fab 2 is expected to have an annual manufacturing capacity of 500 megawatts per year. Solyndra and DOE will finalize the transaction upon completion of definitive documentation and satisfaction of certain conditions precedent. Over the life of the project, Solyndra estimates that Fab 2 will produce solar panels sufficient to generate up to 15 gigawatts of clean, renewable electricity — enough to avoid 300 million metric tons of carbon dioxide emissions. Further, Solyndra estimates that the construction of this complex will employ approximately 3,000 people, the operation of the facility will create over 1,000 jobs, and hundreds of additional jobs will be created for the installation of Solyndra PV systems in the U.S.
"We are proud to be the first company to pass this comprehensive review, and we would like to acknowledge the exceptional efforts of the staff of the DOE Loan Guarantee Program Office," said Dr. Kelly Truman, Solyndra's Vice President of Marketing, Sales and Business Development.
About EMPSi: EMPSi provides environmental compliance services for renewable energy and other projects nationwide from offices in Denver, San Francisco, and Washington, DC. For press inquiries, please contact John King at press@empsi.com or at 415-544-0440. Website: http://www.empsi.com
About Solyndra: Solyndra designs and manufactures photovoltaic systems, comprised of panels and mounting hardware, for the commercial rooftop market. Solyndra operates a state-of-the-art 300,000-square-foot fully automated manufacturing complex.
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