Solar firm Solyndra files IPO

SAN JOSE, Calif. -- Solyndra Inc. (Fremont, Calif.), a manufacturer of cylindrical photovoltaic systems, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering (IPO) of its common stock.

The IPO is said to be valued at $300 million, according to reports. The joint book-running managers of the proposed offering will be Goldman, Sachs & Co. and Morgan Stanley & Co. Inc.

In March, Solyndra received an offer for a U.S. Department of Energy (DOE) loan guarantee under Title XVII of the Energy Policy Act of 2005. Solyndra will use the proceeds of a $535 million loan from the U.S. Treasury's Federal Financing Bank to expand its solar panel manufacturing capacity in California

Last month, Solyndra commenced construction of its second solar panel manufacturing plant. Located near its current manufacturing facility in Fremont, the so-called Fab 2 is designed to produce 500 megawatts per year. The new facility will enable Solyndra to fulfill its announced contractual backlog of over $2 billion and create additional jobs.

Solyndra designs, manufactures and sells solar photovoltaic (PV) systems comprised of panels and mounting hardware for large, low-slope commercial rooftops.

Solyndra's panels are said to employ cylindrical modules which capture sunlight across a 360-degree photovoltaic surface capable of converting direct, diffuse and reflected sunlight into electricity.

Using proprietary cylindrical CIGS modules and thin-film technology, Solyndra claims its systems are designed to provide the lowest installation cost per system and the highest annual solar electrical energy output for typical low slope commercial rooftops.