#1 Solyndra Sought Second Government Loan Guarantee for $469 Million
09-17-2011, 02:25 PM
- Join Date
- Aug 2005
Failed solar panel maker Solyndra’s Securities and Exchange Commission filings show that seven months after the Obama administration’s Department of Energy approved a $535 million federal loan guarantee, Solyndra applied for a second one valued at $469 million.
Solyndra applied for that extra $469 million the same year it received the $535 million of ultimately wasted taxpayer money which is the subject of a current congressional investigation. According to the company’s SEC filings, that $535 million was only intended to cover Phase I of the construction of its “Fab 2″ solar panel manufacturing facility.
The second application came just one week after Solyndra broke ground on its facilities construction project on Sept. 4, 2009.....Solyndra told the federal government it needed a total of $642 million to complete Phase II, most of which would have been covered by the $469 million Solyndra sought to borrow with taxpayer-funded guarantees.
It’s unclear if the now-bankrupt and scandal-embroiled green energy company actually received a second loan. Department of Energy officials did not immediately respond to The Daily Caller’s request for comment, and the company’s SEC filing left the question open.
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