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/flashback-2009-solyndra-ceo-said-obama-was-personally-instrumental-in-securing-government-guaranteed-535-million-loan/
More Pages:
- Solar Panel: WHY WAS SOLYNDRA OFFERED $535 MILLION LOAN GUARANTEE BY THE U.S. DEPARTMENT OF ENERGY? (11/6/2011)
- Are Republicans so desperate that they’re trying to pin Solyndra on Obama?
- Solar Panel: Is The Number One Way To Decrease Our Dependence On Foreign Oil, To Fully Develop Our Own Oil Reserves? (8/12/2011)
- Are you happy that your Gov’t is bailing out the investors of Solyndra, by giving 737 million dollars to fund?
- Solar Panel: Are You Bothered That 500 Million Of Stimulus Money Went To A Now Obsoleted Solar Panel Manufacturer? (5/16/2011)
{ 7 comments… read them below or add one }
Not just offered but given.
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
And they say that Obama never gets his due credit. It’s right here in black and white.
lp
Bush’s administration started the process of loan guarantees to Solyandra.
New administrations (applying to either government or business organizations) has no valid ground to reverse the agreement of previous organizations unless those are illegal or criminal activities. For example, a new CEO of a bank cannot change the regulations to nullify all the depositors’ savings account.
Therefore, the root of the problem must go back to the source, of which administration started the guarantees!
Obama’s buddies……the end is coming fast for this crook
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 was caught in 1997 money laundering money for the GOP. Republicans always have felt with the right of taking illegal actions and of course when found out they only get a slap on the wrist. “don’t do it any more” they are told but they do not care.
Look up “Crony Capitalism”.