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Solyndra CRO Report Final

Solyndra CRO Report Final

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Publicado porFortune

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Published by: Fortune on Mar 27, 2012
Direitos Autorais:Attribution Non-commercial


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The Full Application submitted by Solyndra was signed by Gronet and identified

Solyndra, Inc. as the Sponsor. The Full Application sought a DOE Loan Guarantee to construct


See Appendix K, Full Application submitted between May 6, 2008 and August 27, 2008.


The model created by Solyndra for the financial projections included in the Full Application was very detailed
and extensive. The model was developed in Microsoft Excel and included 20 different worksheets or tabs with
detailed inputs for various financial data and assumptions. The model included thousands of rows and/or columns
of data. The model included worksheets for key assumptions, projected financial statements and financial
performance, metrics summary, capital budget, power and average sale prices, corporate expense allocations, yields
and utilizations, direct materials, Fab output, contractor estimates, equipment assumptions, direct labor assumptions,
overhead assumptions, cost of goods sold assumptions, capital expenditures, and other various calculations.


Solyndra solicited preliminary credit assessments from FitchRatings, part of the Fitch Group (“Fitch”), and
Standard and Poor’s (“S&P”), two of the “Big Three” credit agencies. Solyndra chose to submit the preliminary
Fitch credit assessment which included a B+ rating with a 63% estimated recovery percentage to the DOE as part of
its Full Application. This document was the last document to complete the Full Application. The S&P preliminary
assessment included an estimated recovery percentage through a liquidation of assets of approximately 25%.


and operate the company’s proposed Fab 2 Phases I & II facility capable of manufacturing up to

420 megawatts per year of its photovoltaic solar panels with an estimated total project cost of

approximately $1.03 billion. The proposed funding for the project consisted of a loan from the

FFB in the amount of $822 million with a 7 year term, guaranteed by the DOE, and an equity

contribution by Solyndra, Inc. of $205 million, or 20% of the total estimate project costs. The

proposed site for the Fab 2 Phases I & II front-end facility was a 30-acre parcel located at 47488

Kato Road in Fremont, California, approximately one quarter mile from the company’s existing

Fab 1 facility. The project contemplated the construction of an approximately 600,000 square

foot facility with six production lines that would be utilized to manufacture cylindrical modules

during the deposition manufacturing phase. Solyndra also intended to lease one or more

buildings aggregating approximately 300,000 square feet for the back-end manufacturing facility

including encapsulation, finishing, and packaging processes.

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