DOE bestows $535 million in guaranteed loans to Solyndra

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

In the first of such loans to be issued under Title XVII of the Energy Policy Act of 2005, Solyndra, Inc. has been granted a loan guarantee of $535 million from the U.S. Department of Energy (DOE).  The company will wisely put the funding into expansion, with plans to construct a second facility (Fab 2) in California. The loan is said to account for approximately 73% of the project’s cost.

The 500MW facility is intended to produce sufficient solar panels to generate up to 15GW of energy on completion. Following the conclusion of the loan agreement between Solyndra and DOE, the planned facility is expected to create approximately 3,000 jobs, of which the facility’s operation will account for over 1,000. The company anticipates several hundred more jobs will be created in the U.S. to allow for the installation of the company’s PV systems.

According to a report by Barclays Capital Solar Daily, the acquisition of the loan by Solyndra was not related to the passing of the U.S. Stimulus Bill earlier this year.

“Although a headline positive, this loan guarantee was part of the 2006 solicitations (first round of DOE program) and is not part of the recently announced DOE stimulus program.

The third round of DOE program (designed as part of the current stimulus package), which could potentially improve demand is unlikely to begin until June at the earliest. We expect the first decisions for the third round to be made by September (in best case scenario) or December (in a more realistic scenario).”

Solyndra currently has more than $1.5 billion in orders on entering its second year of commercial shipments to customers in Europe and the U.S.

For more on the Solyndra loan story and the company’s plans, click to see a related Chip Shots blog.

 

19 August 2021
The utility-scale PV market is poised for exponential growth and yet the industry still has many fundamental opportunities to improve on standards and best practice. Tracker shade loss has been one of those topics that deserve more attention, but has been typically handled by derate factors rather than trying to accurately forecast the loss over the life of the system. Join Nextracker’s subject matter experts, Aron Dobos and Neelesh Umachandran, and Rounak Kharait, director of solar energy assessments at DNV, for a webinar about why shade modeling matters and recommendations on what the solar industry should do about it.
25 August 2021
Energy Next is a new industry exhibition focusing on the latest renewable energy and energy efficiency technology, which will be held for the first time in 2021 in Sydney, Australia alongside the Clean Energy Council’s Australian Clean Energy Summit, the peak gathering of leaders driving Australia's energy transformation. Organised by the same people behind Australia’s largest clean energy event, All-Energy Australia, Energy Next will give visitors two days of access to key suppliers in the industry, free-to-attend professional development and industry workshops, and networking opportunities to better understand clean energy issues and solutions and learn about the latest developments in this transformational, dynamic sector.
25 August 2021
The Intersolar Summit Brasil Nordeste takes place in Fortaleza, Brazil. It addresses leading local and international experts on solar power and renewable energy in the region. The Summit’s mission is to provide in-depth education, enable high-quality networking opportunities, expand the use of PV technologies at regional and national level and strengthen the local PV industry. The Intersolar Summit Brasil Nordeste is organized by Intersolar South America - Latin America’s largest exhibition and conference for the solar industry: Solar Promotion International GmbH, Pforzheim, Freiburg Management and Marketing International GmbH (FMMI) and Aranda Eventos & Congressos Ltda, São Paulo as co-organizer.
25 August 2021
Join us to hear directly from the CTOs and heads-of-research from the top-20 cell/wafer producers to the PV industry today. The event will focus on predicting the key metrics underpinning the next big shift to n-type with answers to the key questions: When will the transition to n-type happen? Which companies will be first to 10 GW capacity and production? Who will be the key equipment suppliers for the new production lines? Which n-type process flow/architecture will emerge as the front-runner? What will polysilicon purity and wafer thickness levels look like for optimized n-type manufacturing? What will the upstream poly/wafer supply-chain look like in 5 years from now?
26 August 2021
In this webinar, JA Solar will present its product portfolio based on the latest technologies to improve your PV projects, ensuring maximum reliability and performance. During the webinar we will receive insight from JA Solar about its solar technology roadmap and how the manufacturer is providing customers with innovative solutions to suit their needs, while we will also analyse how to determine the best product solution for each solar project.
6 September 2021
The 38th European Photovoltaic Solar Energy Conference and Exhibition will be held online from 6 - 10 September 2021, allowing PV experts from all around the globe to participate with just one click! The EU PVSEC is the world's leading forum for PV Research and Development and the biggest Conference on PV Solar Energy worldwide. That is why PV experts from all around the globe are keen on gathering together each year to be part of this specialist’s event, to present and discuss the latest developments in Photovoltaics, to network and to conduct business.

Read Next

August 3, 2021
Solar developer Pacifico Energy has started building work on a 121MWdc solar project on the site of a former golf course in Japan, with juwi Shizen Energy hired as engineering, procurement and construction (EPC) contractor.
August 3, 2021
The Australian state of Victoria has unveiled six grid upgrade projects as part of efforts to unlock new renewables investment.
August 3, 2021
AES Indiana, a subsidiary of power distribution company AES Corporation, is planning to acquire and construct a 250MW PV project paired with a 180MWh energy storage facility in Indiana.
August 3, 2021
The government of Serbia has signed an agreement with US company UGT Renewables to cooperate on the construction of solar and energy storage projects in the Balkan country.
August 3, 2021
American solar panel manufacturers Auxin Solar and Suniva have filed a petition with the US International Trade Commission (ITC) to extend a tariff system for cells and modules, despite warnings that it was damaging the US solar industry
August 3, 2021
PV inverter manufacturer SolarEdge Technologies posted record quarterly revenues in Q2, thanks in part to a strong performance in Europe.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK