Fire Sale at Solyndra! 0

Bankrupt solar manufacturer Solyndra will auction off its assets this week.

National media reports that the auction is expected to draw solar industry deal-seekers from all over the country.

The goods are limited to those contained in four buildings at the company’s Fab 1 plant. The company had consolidated most of its operations to its automated Fab 2 plant in February and is still looking for a buyer who will purchase the operational plant and all of its contents as a package, according to information on the auction Web site.

Solyndra ceased operations in September as a result of catastrophic debt. The company had a $539 million Federal loan guarantee from the Department of Energy that has made its failure a high profile argument against government subsidies for renewable energy initiatives.

As of Jan. 1, the company had more than $749 million of debt on the books and too few assets to continue production.

Solyndra is selling excess office furniture, computers, tools and spare parts, according to the auction information. The company has already sold 20 megawatts of its most powerful solar panel since it ceased operations in September. But 2 megawatts of lower-power panels will be auctioned off.

The four buildings at the Fab 1 plant contain some solar panel and circuit-building equipment, copper wire and other specialized tools that buyers look to get a good discount on, according to national media.

The facilities were open to those want to preview available inventory Monday and Tuesday. The auction itself begins at 5 p.m. PDT on Wednesday, Nov. 2, and runs through Friday, Nov. 4.

Original Article on Cleanenergyauthority.com

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