Solyndra Cancels IPO, Cites “Adverse Market Conditions”

Solyndra Inc., a Fremont, Calif.-based provider of solar energy systems for commercial rooftops, has canceled its proposed $300 million IPO. In a filing with the SEC, Solyndra cited “adverse market conditions.”

The company had filed for the offering last December, with Goldman Sachs and Morgan Stanley serving as co-lead underwriters.

Solyndra has raised over $500 million in VC funding, from firms like Argonaut Ventures (35.74% ownership stake), U.S. Venture Partners (10.19%), RockPort Capital Partners (7.5%), CMEA Ventures (6.81%) and Redpoint Ventures (5.94%).

Last March, Solyndra got a $535 million loan guarantee from the Department of Energy to build a second solar panel fabrication plant in California — the first cleantech company to get such a loan. It also applied for a second loan from the DOE of $469 million, according to its S-1, and estimates that the next phase of the fab will cost $642 million. www.solyndra.com

UPDATE: Solyndra announced that it has secured $175m via a secured convertible note placement from existing shareholders