Future cloudy for California solar farm (credit crunch)

[jpak]

http://www.latimes.com/business/la-fi-optisolar13-2009jan13,0,6185689.story

Frozen capital markets are putting the chill on a fast-growing California solar company, a sign that the economic downturn is being felt even in the state's thriving renewable-energy sector.

Hayward-based OptiSolar Inc. confirmed Monday that it dismissed nearly half its 600-member workforce last week, cutting 185 jobs at its Hayward facility and 105 at a plant in Sacramento.

The privately owned start-up, which develops utility-scale solar farms, hasn't been able to secure financing to complete a planned expansion of its photovoltaic panel assembly facilities, according to company spokesman Alan Bernheimer.

"The equity markets just froze up last fall," he said. "We found ourselves with a staff whose numbers were predicated on rapid expansion, and that wasn't sustainable" without additional funding.

<more>

edit: so where did that $350B in TARP $$$$ go???

[pinto]

1. Apparently they're going to request loans from the D of E for re-hires

and restarting their manufacturing capacity. We'll see I guess. :shrug:

OptiSolar's of interest to me locally, for the 550 megawatt solar farm planned in SLO County. It's still going through the permitting processes...