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Solyndra CRO Report Final

Solyndra CRO Report Final

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Published by: Fortune on Mar 27, 2012
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11/05/2012

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REPORT OF R. TODD NEILSONChief Restructuring Officer
 March 21, 2012
2049 Century Park East, Suite 2525Los Angeles, CA 90067310.499.4750brg-expert.com
 
 
i
TABLE OF CONTENTS
I. INTRODUCTION .................................................................................................................................... 1
 
II. SCOPE OF ANALYSIS .......................................................................................................................... 2
 
III. SUMMARY OF CONCLUSIONS ........................................................................................................ 3
 
IV. REPORT SUMMARY .......................................................................................................................... 4
 
A.
 
General Overview .............................................................................................................. 4
 
B.
 
Solyndra’s Product and Technology .................................................................................. 6
 
C.
 
Financing and Construction of Solyndra Manufacturing Facilities ................................... 8
 
D.
 
The Impact of the Sudden Downturn in the Solar Market and the GlobalFinancial Crisis ................................................................................................................ 10
 
E.
 
The DOE Loan Guarantee and Construction of Fab 2 ..................................................... 13
 
F.
 
Solyndra’s Financial Performance ................................................................................... 18
 
G.
 
Solyndra’s Restructuring and Capital Raising Efforts in 2010 ........................................ 20
 
H.
 
Events Leading to and Summary of February 2011 Restructuring .................................. 28
 
1.
 
Tranche A Debt ................................................................................................... 29
 
I.
 
Events Leading to Bankruptcy Filing .............................................................................. 32
 
V. SOLAR TECHNOLOGY AND PRODUCTS ...................................................................................... 36
 
A.
 
History ............................................................................................................................. 36
 
B.
 
Design .............................................................................................................................. 36
 
C.
 
Comparative Advantage .................................................................................................. 38
 
D.
 
New Products ................................................................................................................... 40
 
VI. EXTERNAL ENVIRONMENT AND MARKET CONDITIONS ..................................................... 41
 
A.
 
Impact of the Recession of 2008 ...................................................................................... 42
 
B.
 
Incentive Programs .......................................................................................................... 44
 
1.
 
Germany ............................................................................................................. 46
 
2.
 
Spain ................................................................................................................... 46
 
3.
 
Italy ..................................................................................................................... 47
 
C.
 
Competition ..................................................................................................................... 47
 
1.
 
Polysilicon (P-Si) Based Competitors ................................................................ 48
 
a.
 
Polysilicon (P-Si) Supply....................................................................... 49
 
2.
 
China Enters Market ........................................................................................... 50
 
D.
 
Private Investment in the Solar Industry .......................................................................... 53
 
VII. CORPORATE STRUCTURE ............................................................................................................ 54
 
 
iiVIII. FAB 1 MANUFACTURING FACILITY ......................................................................................... 56
 
IX. CUSTOMER AGREEMENTS ............................................................................................................ 59
 
A.
 
Overview of Customer Agreements ................................................................................. 59
 
B.
 
Key Terms........................................................................................................................ 60
 
C.
 
Customer Agreements ...................................................................................................... 61
 
1.
 
Phoenix Solar AG ............................................................................................... 61
 
2.
 
Solar Power, Inc. ................................................................................................. 62
 
3.
 
GeckoLogic GmbH ............................................................................................. 64
 
4.
 
Carlisle Syntec, Incorporated .............................................................................. 65
 
5.
 
SunConnex B.V. ................................................................................................. 66
 
6.
 
EBITSCHenergietechnik GmbH ........................................................................ 67
 
7.
 
USE Umwelt Sonne Energie GmbH ................................................................... 68
 
8.
 
Alwitra, GmbH ................................................................................................... 69
 
9.
 
SunSystem, S.p.A. .............................................................................................. 70
 
X. $535 MILLION DOE LOAN GUARANTEE ...................................................................................... 72
 
A.
 
Brief History of the DOE Loan Guarantee Program........................................................ 73
 
1.
 
Title XVII of the Energy Policy Act of 2005 ..................................................... 74
 
2.
 
2006 Advanced Energy Initiative ....................................................................... 75
 
3.
 
The American Recovery and Reinvestment Act of 2009 ................................... 75
 
4.
 
Department of Energy Loan Guarantee Office ................................................... 76
 
B.
 
DOE Loan Guarantee Process ......................................................................................... 79
 
1.
 
Application Submission ...................................................................................... 79
 
2.
 
Initial Due Diligence and Term Sheet Negotiation ............................................. 80
 
3.
 
Credit Analysis and Review ............................................................................... 80
 
4.
 
Deal Approval ..................................................................................................... 80
 
5.
 
Final Due Diligence and Negotiation of Financing Documents ......................... 81
 
6.
 
Closing ................................................................................................................ 81
 
C.
 
The “$535 Million” DOE Loan Guarantee ...................................................................... 81
 
1.
 
DOE Loan Guarantee Solicitation ...................................................................... 82
 
2.
 
Solyndra’s Pre-Application ................................................................................. 82
 
3.
 
Invitation to Submit Full Application ................................................................. 83
 
4.
 
Submission of Full Application .......................................................................... 84
 
a.
 
Summary of Full Application ................................................................ 85
 
5.
 
Revisions to Full Application ............................................................................. 86
 

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