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.”

Asked By: Phoenix - 9/17/2011
Best Answer - Chosen by Asker
Obama's buddies......the end is coming fast for this crook
Answered By: Why Me??? - 9/17/2011
Additional Answers (6)
Not just offered but given.
Answered By: jaker - 9/17/2011
Yes this company was given that amount of money by the government, but they eventually went bankrupt, the money was to last up until September of this year
Answered By: Dieufort - 9/17/2011
And they say that Obama never gets his due credit. It's right here in black and white. lp
Answered By: Liddel - 9/17/2011
Bush's administration started the process of loan guarantees to Solyandra... More
Answered By: sanity - 9/17/2011
Notice that the act was signed by Bush to all energy companies and Solyndra was one of them. Bush gave them the first part of the Loan. and they were to receive the other in 2009. It was a guarantee loan so it was supposed to be done. But I think like everything Bush did this may have been a bogus company. Norquist... More
Answered By: almaciga - 9/17/2011
Look up "Crony Capitalism".
Answered By: R T - 9/17/2011
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