Cylindrical CIGS thin-film PV module company, Solyndra will now begin production of the DOE part-funded Fab 2. This project has been much anticipated, as it is the first of its kind to receive U.S. Department of Energy funding under Title XVII of the Energy Policy Act of 2005.
This new facility is expected to produce an annual capacity of approximately 500MW and fulfill the company’s contractual backlog of over US$2 billion whilst also creating additional jobs.
“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 U.S. Department of Energy, the U.S. Congress, and our investors.”
When we reported on Fab 2 back in March, details were still a little vague surrounding the other 27% of funding needed in order to fully finance the plant. The first phase of Fab 2 funding is still solidly under wraps – – the only details provided are that it will be from public and private sources. However, we do now know that the DOE US$535 million loan will be combined with US$198 million from an equity financing round led by Argonaut Private Equity, providing the capital required for the project.