Solyndra Closes New $75 Million Credit Facility, Restructures DOE Loan Guarantee

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Fremont, Calif.-based Solyndra, a manufacturer of cylindrical solar photovoltaic systems for large industrial and commercial rooftops, has closed a new $75 million secured credit facility underwritten by existing investors.The company says the proceeds from the financing will be used to support its working capital requirements, accelerate its ongoing cost-reduction activities and execute its expanded channel and segment sales and marketing strategy."We are confident that with this round of funding and the continued support of our existing investors, we are on track to be cashflow positive at the end of this year," notes CEO Brian Harrison.

The new financing also included the restructuring of the company's outstanding indebtedness. Solyndra's existing convertible notes have been exchanged for new notes, and the U.S. Department of Energy (DOE), which provided a loan guarantee, agreed to certain loan modifications, including an extension of the amortization period. Together with the existing indebtedness, the new credit facility is secured by all assets of the company.Solyndra's DOE loan guarantee is currently under investigation by the U.S. House of Representatives' Energy Committee.

PPG Industries has received a $3.1 million grant from the U.S. Department of Energy (DOE) to develop the materials, coating designs and manufacturing processes necessary to commercialize a new glass article for the cadmium telluride (CdTe) PV module manufacturing industry.According to James McCamy, PPG's manager of solar technologies, the new glass article will combine three new technological innovations into a single product, with the goal of reducing CdTe module costs by 17% by 2015.The grant is part of a $20 million investment by the DOE in the Solar Energy Technologies Program.

The PPG award will be delivered through the Photovoltaic Supply Chain and Cross-Cutting Technologies program, which aims to accelerate the development of unique PV products or processes with the aid of related technologies from non-solar companies.PPG says that technology and process development will be coordinated through the Solar Technologies Group at PPG and project partnerships with the Center for Next Generation Photovoltaics at Colorado State University and the Oak Ridge National Laboratory, which is located in Tennessee and managed by UT-Battelle for the DOE.

The U.S. Department of Energy (DOE) and Masdar - Abu Dhabi's multifaceted renewable energy initiative - plan to collaborate to test the performance of specially coated solar photovoltaic modules designed to avoid the moisture and cementation problems currently faced by PV module producers worldwide and prevent dry dust adhesion.Developed by the U.S. National Renewable Energy Laboratory, the coatings have been selected for testing following exchanges of scientific and technical information with Masdar, including soil sample collection and site visits to Abu Dhabi.The cooperation is a direct result of a memorandum of understanding that was signed by the DOE and Masdar last April to promote collaboration on clean and sustainable energy technologies.

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