Solar Power Company Declares Bankruptcy After Receiving $500+ Million in Government Funding
The latest controversy to rock the green power and solar power development industry in the U.S. has everything to do with Solyndra, and the rest — in terms of how much is politically motivated and how much is in the interest of the public — well, we’ll have to decide that for ourselves. Maybe in the end, it’s a little bit (or a lot), of both. So what’s the story?
The federal government, namely the Obama administration, in its push to develop the green economy and create jobs, seems to have fast-tracked a half-billion-dollar loan guarantee for what is now nothing more than a bankrupt solar panel manufacturer. This is Solyndra, which was “once cited as the kind of renewable energy company worthy of federal stimulus money.” So they got it. And then what happened?
The company was a lobbying fixture in the nation’s capital, spending millions of dollars, much of it focused at the Energy Department’s loan guarantee program. And then the company collapsed.
The Fremont, California-based company has now left American taxpayers out $528 million. In the wake of the controversy, tons of (politically-motivated?) questions have arisen, mostly probing into whether or not the loan was rushed to accommodate a Solyndra event in the fall of 2009 featuring the current Vice President.
Company Statement Direct From Solyndra Spokesman
“Given the timing for the hearing, legal complexities arising from last week’s activities and the urgency of the bankruptcy proceedings, Brian Harrison and Bill Stover will not be able to appear at tomorrow’s hearing before the Subcommittee on Oversight and Investigations in Washington, D.C. The Company is in direct communication with the committee staff and working with them on a future date for Mr. Harrison and Mr. Stover to voluntarily appear. Given that it is in the best interest of all creditors, including the U.S. government, to attempt to gain maximum value for the Solyndra assets, either via sale of the whole company or in parts, including its intellectual property, it is in the best interest of all interested parties for them to remain in California to engage with potential purchasers.”
More News and Links to Solyndra Report
Coverage on Solyndra at Green Tech Media.
Associated Press Coverage on Solyndra.
Ron Paul Talks Solyndra Controversy, Cheney Comments over at Fox News.
The Solyndra Scandal: What It Is and Why It Matters at the Atlantic Online.