Solyndra Solar Company Plans IPO

Dec 21 2009 | 1:04pm ET

Solyndra, Inc., a manufacturer of cylindrical photovoltaic (PV) systems for commercial rooftops, has filed for an IPO that could be worth $300 million.

The joint book-running managers of the proposed offering will be Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated.

The Fremont, California-based Solyndra had been widely expected to be one of the first solar sector IPOs in 2010. The company received a $535 million loan guarantee from the U.S. Department of Energy at the beginning of September.

Proceeds from a public sale would go into Solyndra’s (or SOLY, as it will be listed) manufacturing plant under construction in Fremont, which is expected to produce 500 megawatts of panels annually.

Solyndra designs and manufactures photovoltaic systems, comprised of panels and mounts, for the commercial rooftop market. Using proprietary cylindrical modules and thin-film technology, Solyndra systems are designed to provide the lowest cost of electricity and the highest kilowatt hour production per rooftop for typical installations.

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