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… The Bush administration had turned down their application - TWICE.
Asked By: Phoenix - 10/11/2011
Best Answer - Chosen by Asker
Because 15 million of it went straight to Obama.
Answered By: The O'Ryan - 10/11/2011
Additional Answers (6)
The same reason Enron was given a special exemption from accounting rules by the Clinton adminstration. Democrats corrupt our entire system.
Answered By: Capn Eddie - 10/11/2011
Crony corruption from a corrupt regime, plain and simple.
Answered By: Obamageddon - 10/11/2011
July 2005: The Bush Administration signs the Energy Policy Act of 2005 into law, creating the 1703 loan guarantee program... More
Answered By: Reality has a Liberal Bias - 10/11/2011
Answered By: Chris R; Non-hipster - 10/11/2011
Because one of Solyndra owners, Kaiser, has been a huge donor for the Obama 2008 campaign.
Answered By: BadWolf63 - 10/11/2011
That is the democratic corruption that forces me to vote republican weather I want to or not.
Answered By: Liberals Sequestered from truth - 10/11/2011
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