CIGS thin-film PV company Solyndra cancels IPO, lands $175 million in private placement funds

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CIGS thin-film manufacturer Solyndra has informed the U.S. Securities and Exchange Commission that it has decided not to go forward with plans for a scheduled initial public offering. At the same time, the company said it has entered into an agreement for the sale of secured convertible promissory notes to certain existing investors in an aggregate principal amount of $175 million in a private placement.

Proceeds from the sales of such notes will be used to fund the company’s existing operations and support its growth plans, the firm said.

“Given the ongoing uncertainties in the public capital markets, we elected to pursue alternative funding from our existing investor base,” commented CEO Chris Gronet. “This funding allows us to address strong customer demand by maintaining our aggressive growth plans.”

Solyndra said that it expects first production from its Fab 2 manufacturing complex in Fremont, CA, to occur in the fourth quarter of 2010, approximately two months ahead of schedule.

“Fab 2 can’t come on line a minute too soon,” said Gronet. “We’ve now sold over 300,000 panels for deployment on commercial rooftop sites in a dozen countries. By the fourth quarter of 2011, we expect our annualized production to exceed 300MW, enabling economies of scale that will substantially reduce our manufacturing costs.”

Solyndra said that its request to the SEC for withdrawal of the Registration Statement on Form S-1 was done because of adverse market conditions and the availability of alternative funding from existing investors.

PHOTO BY TOM CHEYNEY

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