Solyndra, Inc. announced it has been awarded 20-year power purchase agreements to supply Southern California Edison (NYSE: EIX) with renewable electricity from 16.2 megawatts (MW) of rooftop photovoltaic solar systems on 18 rooftops.
The agreements were awarded to Solyndra’s wholly-owned subsidiary, Photon Solar LLC.
Photon Solar LLC intends to complete construction of the 18 rooftop systems comprising the 16.2 MW project during 2011.
Headquartered in Fremont, Calif., Solyndra designs and manufactures
photovoltaic systems, comprised of cylindrical thin-film panels.
New CEO
In a separate release, Solyndra Inc. announced the hiring of Brian Harrison as president and CEO. He will also join Solyndra's board of directors.
Since 2008, Harrison has served as president and CEO of Numonyx BV, an international flash memory company. Prior to working at Numonyx, he served as vice president and general manager of the flash memory group of Intel Corp. (Nasdaq: INTC), where he managed all flash memory businesses.
Chris Gronet, Solyndra's founder and former CEO, will continue to serve the company in an executive capacity and as chairman of the board of directors.
Harrison is expected to lead a restructuring effort, following an audit in April that cast doubt on the company's financial viability.
In June, Solyndra scrapped plans for an IPO, deciding instead to
raise $175 million in a private placement. The company has now raised
more than $1 billion in equity financing.
Read additional coverage on the new CEO at the link below.
