Solyndra Gets $535M From DOE Energy Program


California solar company Solyndra has been offered a $535 million loan from the Department of Energy to expand its solar panel manufacturing capacity.

Solyndra is the first company to receive a DOE loan under the Energy Policy Act of 2005. This is the same program that Tesla and Fisker hope to get money from this year.

The loan will provide financing for 73% of the manufacturing expansion project costs. That plant is expected to have annual manufacturing capacity of 500MW. Solyndra thinks the construction of the project will employee 3,000 people and operating the facility will create 1,000 jobs. The total cost of the plant is estimated at $733 million. There is no word on when the project will be completed.

There are also rumours that the company is looking to raise $100 million in private markets according to Cleantech, who estimates the company has already raised about $820 million thus far.

Goldman Sachs acted as exclusive financial advisor to Solyndra on the loan application. Makes sense, if anyone knows how to get money out of the government, it’s Goldman.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.