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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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  • Kini
    Lv 7
    9 years ago
    Favorite Answer

    So much is made of this company because they went out of business.

    Pres. Obama in 2010 gave roughly $8 billion in government-loan guarantees for Southern Co. to break ground on a new nuclear-power plant in Georgia.

    So not every loan guarantee program loses money.

  • 9 years ago

    Why ? "POLITICAL PAYBACK FOR OBAMA SUPPORTERS !!!" Here`s a little tidbit of info: that the liberal bias` lame stream media is not reporting on ; I wonder why ??

    September 26, 2011 ... The Washington Times reports:

    Solyndra Lists California Democratic Party as Creditor

    Out of the hundreds of out-of-work employees, vendors, investors and other creditors in the bankruptcy of government-backed solar-panel maker Solyndra LLC, one name stands out: the California Democratic Party.

    Why California Democrats would be creditor to a company that received more than a half-billion dollars in federal loans to build a solar-panel plant isn’t clear. Even party officials say they’re not sure.

    Obama hopes you believe this bullshit of an answer ~ The California Democratic Party’s communications director, Tenoch Flores, said the organization was not owed “any funds in any form” by the California-based company. He said he was unclear why the party would be listed as a creditor in Solyndra’s bankruptcy filing.

    According to campaign-finance records, Solyndra donated $7,500 to the California Democratic Party in October 2010. It’s legal in California for corporations to make donations. ***But that doesn’t explain why the company would identify the Democratic Party as a creditor in its bankruptcy filing a year later.***

    Add that to the list of questions Solyndra executives have yet to answer.

  • 9 years ago

    Because they were one of 40 energy companies who were given loan guarantees under the program. They were the only company who had problems.

    Here's the list for your perusing pleasure:

    https://lpo.energy.gov/?page_id=45

    Oh, and here's the history of the program, beginning with its creation in 2005.

    https://lpo.energy.gov/?page_id=134

  • Anonymous
    9 years ago

    It also stated that the loan be used to pay back investors first. I'm willing to bet Obama was one of those investors. We already know that a majority of the investors are Obama's friends. Illegal and corrupt. I hope Obama fries for this one.

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  • Anonymous
    9 years ago

    Clinton==Enron::Obama==Solyndra

  • 9 years ago

    The govt guarantees a lot of loans probably including the one on your Home

  • Anonymous
    9 years ago

    because they contributed a lot of money to the Obama campaign

  • Anonymous
    9 years ago

    Kaiser raised a lot of campaign contributions for obongo in 2008, thats why.

  • Anonymous
    9 years ago

    its obama trying to create a green bubble

  • 9 years ago

    Uh, can't you READ?

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