From:

Sent:
To:
Cc:
, Subject: FW: SOlyndra Update
.weshould discuss this with you early tomorrow morning.
______._... _ .... __..... t- ....__ ........ ... __ ........ ,_...... ...._ ... ... _ ........_.---_. ...... --.._
Subject: RE: Solyndra Update
The B"RD credit crew is out on leave this
and we should have a full review with all
re, the announcement this week would
e rule that 30 days elapse from when the
......
e but it 1s not clear how the
on (esC).
that said, we have on
information would imp
I would prefer that the announcement be
week, as is _ Thi " hl't"ll1Hliilli.
hands on deck to make e
require us to have a a e
final credit rating ws
Solyndra to have a pricing advantage based on and lower costs of
installation (sometimes referred t sao 1 t ret develQpments in the solar
market, in particular, pricing pre tI. : f 0 wafer plants to
come on line (and that also mayor rJ et d ee articles below), raise
concerns about how strong Solynora w1 ce of rising competition. If
the' engineering claims can be back i 1 consistent with claims, I
think we would accept DOE's CSC; b t sid rmance is not quite up to the
engineering' claims, in which case t t n tc edit rating down (or viewed
conversely, increase our estimate
See:
China Racing Ahead of U.S. in the Drive to Go SOlar
http://www.nytimes.com/2009/8S/2S/buslness/energy-
environment/2ss01ar.html?scp-l&Sg=solar%20china&st=cse
And
Chinese Solar Firm Revises Price Remark
http://www.nytimes.com/2009/8S/27/business/energy-
environment/27panel.html?sCD=3&sg=solar%20china&St=cse
and
As Prices Slump, Solar Industry Suffers
http://greeninc.blogs.nYtimes.com/2889/8S/13/as-prlces-s!ump-solar-industry-

More Sun for Less: Solar Panels Drop in Price
http://www.nytimes.com/2809/8S/27/buslness/energy-
environment/21solar.htm1?scp=6&sg=solar%20energySst=cse
1
/
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-----Qc!ginal Message-----
From:_
2909 3:59 PM
To:"""",-
Subject: FW: Solyndra Update
What should we tell _ on Ol,lf' review status?


Sen
To:
Cc:
Subject: FW: Soly.ndra Update
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As you guys may know, the VP is set to make a Solyndra announcement on Friday. We know that
OMB and DoE are still 'r: OJ! d t 'ssues, and wanted to see where that was
in the process (if th . a u DoE in speeding along, or conversely if
there is anything we an h 0 t e side) Below is an email from DoE on
their latest thoughts ab u fad I think they ,are still waiting on the
final list of questio s , !o w hel will need to respond.
! :
Can you let us know w ETA on completion of the credit review
process?

ing il1vestors to fly in for

Our concern on the press end is that this leaks out before the OMB portion is cooked - if
there is any way to accelerate, would give a lot of peace of mind/flexibility on that front.
The final step will be the loan closing which will happen on Thursday - but my
understanding 1s that that's pretty much a given - it's the leaking out before OMS is
finished that could leave us in an awkward place.
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- - - - - --..
From:
Sent F A
To:
Cc:
-
Subject: RE: solyndra Update
2
pn the OMB side, from our Credit Policy DirectQr
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C
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"We still have one outstanding qUestion.our initial meeting Tuesday (DOE has not
responded--I need more information from and Solyndra).
We have also not the final set of questions/issues from to which DOE will need
to respond. After OMS review, and any are made to the credit subsidy cash flows, OMS
would essentially pre-approve that calculation (formal approval comes in the form of the
apportionment which occurs after S2 or 51 approve commitment of the loan amount and subsidy
rate)."
OMB is fully aware of the Friday t1meline. The DOE team Is hoping to receive the final OMB
questions/issues today so that they can be quickly reviewed/responded 1n full so that we can
complete the outstanding process requirements.
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