Green IPOs world over getting cancelled as high profile Solar startup Solyndra aborts offering like Goldwind

Initial Public Offerings (IPOs) are being deferred and canceled as market volatility increases due to the Greek Contagion.Green IPOs have been no exception with IPOs of even high profile billion dollar IPOs from wind and solar companies in Europe,USA and Hong Kong getting canceled in the last couple of months.The main reasons for these tough times are the market volatility and policy uncertainty.Europe which is the biggest market for Renewable Energy faces questions about Demand and Government Support as fiscal austerity plans kick in.The Spanish government might pass a law retroactively reducing the solar subsidy which has stalled the IPO plans of green power companies T-Solar and Renovalia.

Xinjiang Goldwind the second largest wind turbine producer in China canceled its much awaited $1.2 Billion IPO in Hong Kong citing market uncertainty.This company has managed to get an approval for listing its share in Hong Kong despite the Chinese government clamping down on Green IPOs.Now high profile startup Solyndra has also aborted its IPO in the US market citing market conditions.The US government has heavily backed much hyped Solyndra with a massive DOE loan and even rewarded it with a Presidential visit.Solyndra is raising another $175 million from PE backers increasing its total funding till date to over $1 Billion.The market remain tough for Green companies as investors are looking for more stable industries in these uncertain times.

Solyndra Announces Private Placement of Secured Convertible Promissory Notes, Status of Fab 2 Construction, and Withdrawal of Registration Statement – Business Wire

Solyndra, Inc. today announced that it has entered into an agreement for the sale of secured convertible promissory notes to certain of its existing investors in an aggregate principal amount of $175 million in a private placement. Proceeds from the sales of such notes will be used to fund the company’s existing operations and support its growth plans. “Given the ongoing uncertainties in the public capital markets, we elected to pursue alternative funding from our existing investor base. This funding allows us to address strong customer demand by maintaining our aggressive growth plans,” commented Dr. Chris Gronet, CEO of Solyndra.

The company expects first production from its Fab 2 manufacturing complex to occur in the fourth quarter of 2010, approximately two months ahead of schedule. “Fab 2 can’t come on line a minute too soon,” according to Dr. Gronet. “We’ve now sold over 300,000 panels for deployment on commercial rooftop sites in a dozen countries. By the fourth quarter of 2011, we expect our annualized production to exceed 300MW, enabling economies of scale that will substantially reduce our manufacturing costs.