P. 1
SolyndraCROreport

SolyndraCROreport

|Views: 183|Likes:
Published by melaniel_co

More info:

Published by: melaniel_co on Mar 27, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

10/29/2012

pdf

text

original

Solyndra was the first company to secure a guaranteed loan facility under the LGP. On

September 3, 2009, the company, and one of its subsidiaries, Fab 2, LLC, entered into financing

agreements with the DOE and FFB163

that provided for a $535 million loan guaranteed by the

DOE. The loan to Fab 2, LLC was for the construction of a new state-of-the-art manufacturing

facility in Fremont, California (referred to as the Fab 2 Phase I facility). The company’s pursuit

of a DOE Loan Guarantee was not without its challenges. The LGP was a new program

established by the EPAct2005 that required multi-agency approvals and ultimately resulted in

numerous delays that proved to consume significant financial resources of the company over the

2 ½ year approval process. Exhibit #5 provides a timeline detailing the key events relating to

the DOE Loan Guarantee.

163

Fab 2 LLC was the “Borrower” and Solyndra, Inc. was the “Sponsor” in the DOE financing agreements.

82

The lengthy approval process and attendant costs for Solyndra to proceed it are discussed

in further detail in the section below:

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->