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…
Asked By: Phoenix - 10/15/2011
Best Answer - Chosen by Asker
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.
Answered By: Flower - 10/15/2011
Additional Answers (10)
Kaiser raised a lot of campaign contributions for obongo in 2008, thats why.
Answered By: Shovel Ready - 10/15/2011
its obama trying to create a green bubble
Answered By: Liberals Fail - 10/15/2011
The govt guarantees a lot of loans probably including the one on your Home
Answered By: NOpublican's in 2012 - 10/15/2011
Answered By: Bat Guano - 10/15/2011
Answered By: Ed - 10/15/2011
because they contributed a lot of money to the Obama campaign
Answered By: Jim Rooks - 10/15/2011
Because they were one of 40 energy companies who were given loan guarantees under the program. They were the only company who had problems... More
Answered By: tonalc2 - 10/15/2011
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.
Answered By: wasting my time - 10/15/2011
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... More
Answered By: Barry Jones sr. - 10/15/2011
Uh, can't you READ?
Answered By: tehabwa - 10/15/2011
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