Lv 7
? asked in Politics & GovernmentPolitics · 9 years ago


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.

4 Answers

  • 9 years ago
    Favorite Answer

    Obama said he thought it was a good bet. I guess he is not much of a gambler.

  • 9 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...
  • marx
    Lv 4
    4 years ago

    thank you. The polls you appropriate are precisely the place the rustic's interest lies, and that i don't propose like Obama's doubtless countless strategic deceptions. one hundred million unemployed registering claims on account that 2009 places the soreness for workers below this administration into concentration in techniques the media has handed over for too long. Is it any ask your self the economy hasn't became for thousands and thousands the BLS does not even difficulty to count extensive variety any extra? The Peter Ferrara diagnosis for Forbes shows how a number of our brightest, maximum able economists see information that we are nonetheless not out from below the worst 5 years because of the fact the super melancholy. it extremely is properly worth analyzing, as are the information you have amassed, which Obama apologists for sure refuse to settle for. branch of hard artwork ETA counts seem extra trustworthy and representative than something coming from the BLS at this factor.

  • Green energy is the future, including solar. I can't imagine why Dumbya "big oil" Bush would not want to invest in solar.

Still have questions? Get your answers by asking now.