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.”
The Bush administration had turned down their application - TWICE.
- SugarBearLv 79 years agoFavorite Answer
Obama said he thought it was a good bet. I guess he is not much of a gambler.
- Mr. WolfLv 79 years ago
They were not turn down by the Bush administration and that loan was one of several.
Jonathan Silver, the Executive Director of Department of Energy's Loan Programs Office, testified that the Bush administration's DOE [Department of Energy] selected Solyndra from 143 submissions to move forward in the process:
"The 2006 solicitation resulted in 143 submissions. The loan program staff and others at the department reviewed those for eligibility, which is a thinner review than the full due diligence, and recommended 16 applications to file a full application. A dozen did so. Solyndra was one of those. And the department conducted due diligence on all of those 11."
Silver testified that the credit committee that remanded the project during the Bush administration also the same credit committee that then approved the transaction several months later."Source(s): YOU SEE WHY RIGHT WING MEDIA DON'T REPORT ON THE ACTUAL TESTIMONIES! http://energycommerce.house.gov/hearings/hearingde...
- marxLv 44 years ago
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- 9 years ago
Green energy is the future, including solar. I can't imagine why Dumbya "big oil" Bush would not want to invest in solar.