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? asked in Politics & GovernmentPolitics · 9 years ago

WHY WAS SOLYNDRA OFFERED $535 MILLION LOAN GUARANTEE BY THE U.S. DEPARTMENT OF ENERGY?

Fremont, CA, March 20, 2009 – Solyndra, Inc. announced today that it is the first company to receive an offer for a U.S. Department of Energy (DOE) loan guarantee under Title XVII of the Energy Policy Act of 2005. Solyndra, a Fremont, California-based manufacturer of innovative cylindrical photovoltaic systems, will use the proceeds of a $535 million loan from the U.S. Treasury’s Federal Financing Bank to expand its solar panel manufacturing capacity in California.

“The leadership and actions of President Barack Obama, Energy Secretary Steven Chu and the U.S. Congress were instrumental in concluding this offer for a loan guarantee,” said Solyndra CEO and founder, Dr. Chris Gronet. “The DOE Loan Guarantee Program funding will enable Solyndra to achieve the economies of scale needed to deliver solar electricity at prices that are competitive with utility rates. This expansion is really about creating new jobs while meaningfully impacting global warming.”

http://weaselzippers.us/2011/09/15/flash%E2%80%A6

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  • 9 years ago
    Favorite Answer

    The previous administration twice disapproved the Solyndra application saying it wasn't economically viable. They were correct.

    The Obama Administration decided to use the project as a way to pay back political supporters with taxpayer money and approved it anyway. That is what we call corruption.

  • 9 years ago

    It's so easy to be a Republican these days. You don't even have to think for yourself. Anything bad that happens, or anything that can be twisted to look bad, is Obama's fault. So simple! Just get him outta there and everything will be sunshine and flowers.

    Every developed country has an 'industrial policy' except the US. The govt. does R&D and helps develop products that will bring money into the country. For instance, Japan's govt. invested billions in the 80s in flat-screen technology--LCD, LED, plasma. In the 1980s you could buy a laptop for about $1500, but if you wanted a TFT screen it was like $4500. Today you can buy a laptop for $250 and they all have TFT screens. And the money goes to Japan because no US company has the technology (or else the license it from Japan).

    We tend not to do this in the US. In place of an industrial policy we have a defense policy. We developed teflon, industrial ceramics, satellite communications, microprocessors, the Internet, and dozens of other great things because, we said, they were necessary for defense. Who can argue with defense? We built an interstate highway system and instituted a school lunch program and vaccinated kids and wiped out smallpox and polio in the name of defense.

    Photovoltaics are the Next Big Thing so the US govt. (under BUSH) decided to invest some money in them. Yes, Obama traveled to Fremont, CA, to do a photo-op there, to snag some of the credit. But Bush sure did plenty of those. All presidents do them.

    Solyndra really looked like a good bet. The govt. didn't just fund them totally, it gave them a loan along with lots of other private investors (unlike Halliburton, Bechtel, GE, Boeing, and other Republican money-grabbers). ALL investments involve risk, except for the too-big-to-fail banks and investment houses that Republicans love.

  • Anonymous
    4 years ago

    Why ? "POLITICAL PAYBACK FOR OBAMA SUPPORTERS !!!" right here`s a splash tidbit of information: that the liberal bias` lame circulate media isn't reporting on ; i ask your self why ?? September 26, 2011 ... The Washington circumstances comments: Solyndra Lists California Democratic celebration as Creditor Out of the thousands of out-of-artwork workers, distributors, investors and different lenders in the financial ruin of government-subsidized photograph voltaic-panel maker Solyndra LLC, one call stands proud: the California Democratic celebration. Why California Democrats would be creditor to a business company that gained greater advantageous than a a million/2-billion money in federal loans to construct a photograph voltaic-panel plant isn’t sparkling. Even celebration officers say they’re uncertain. Obama hopes you suspect this bullshit of an answer ~ The California Democratic celebration’s communications director, Tenoch Flores, reported the employer replaced into no longer owed “any money in any type” via the California-based business company. He reported he replaced into uncertain why the celebration would be listed as a creditor in Solyndra’s financial ruin submitting. in accordance to marketing campaign-finance records, Solyndra donated $7,500 to the California Democratic celebration in October 2010. It’s criminal in California for agencies to make donations. ***yet that doesn’t clarify why the business company would become conscious of the Democratic celebration as a creditor in its financial ruin submitting a 300 and sixty 5 days later.*** upload that to the record of questions Solyndra executives have yet to respond to.

  • Janet
    Lv 5
    9 years ago

    Excuse me, but I did not know that the guarantee came from a 2005 law!

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  • Anonymous
    9 years ago

    the first approval for the solyndra loan was in 2007.

  • Anonymous
    9 years ago

    Let's talk Bush, Cheney and Halliburton.

    I thought so.

  • 9 years ago

    Obama needed to fund green energy for political reasons

  • 9 years ago

    For the reasons listed in your question?

  • Because 0-bama wanted the money laundered and returned to his campaign.

  • Anonymous
    9 years ago

    Don't worry. Bush will be blamed for this too.....

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