1 March 2011

Ascent’s 150MW FAB3 project reaches DOE due-diligence review phase

The US Department of Energy (DOE) Loan Guarantee Programs Office (LGPO) has notified Ascent Solar Technologies Inc of Thornton, CO, USA that its loan guarantee application for its proposed 150MW FAB3 project has been selected to advance to the LGPO's due-diligence phase of review. The project has an approximate value of $375m ($275m of which would be under the loan guarantee program).

The FAB3 project contemplates the construction of a new manufacturing facility with annual capacity for producing 150MW of Ascent’s flexible, monolithically integrated thin-film copper indium gallium diselenide (CIGS) photovoltaic modules. FAB3 will leverage technology advances from the firm’s existing manufacturing facilities and will focus on large-volume markets such as building-applied PV (BAPV) and building-integrated PV (BIPV) applications. In March 2009, Ascent expanded from its initial 1.5MW-capacity facility in Littleton, CO by opening its existing 145,000ft2, 30MW-capacity FAB 2 headquarters in Thornton.

“FAB3 will bring together our unique approach to manufacturing flexible lightweight modules with the capacity to address the potentially large BIPV and BAPV markets worldwide,” says Ascent’s president & CEO Dr Farhad Moghadam.

With selection for due diligence, the LGPO is initiating discussions with Ascent regarding detailed due diligence, the negotiation of terms and conditions of a potential loan guarantee, National Environmental Policy Act (NEPA) compliance and all other issues necessary for the LGPO to consider the issuance of a conditional commitment and, potentially, a loan guarantee for the FAB3 project.

Ascent notes that the LGPO’s advancement of its loan guarantee application to the due-diligence review stage is not an assurance that the FAB3 project will be offered a term sheet or approved for a conditional commitment by LGPO. The due-diligence process may be terminated by the DOE at any time if it is determined that the project is unlikely to meet LGPO’s requirements, which include statutory and regulatory requirements and DOE's policies, procedures and financial requirements. In order to qualify for appropriated credit subsidy under Section 1705 of Title XVII, FAB3 will be required to commence construction prior to financial closing, which must occur on or before 30 September.

Tags: Ascent Solar CIGS

Visit: www.ascentsolar.com

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