in the vicinityVideoHow the Solyndra solar-company burned through half a billion of taxpayers ‘ money
It’s ten years ago exactly, that the Solyndra-solar-energy-is widely accepted, a loan of half a billion of taxpayers ‘ money, which would never be paid back. Now an industry expert says he is sure that all the lessons learned in the years since.
On March 20, 2009 Secretary of energy Steven Chu announced Solyndra was the recipient of a $535 million loan from his Department under the Obama administration’s loan-guarantee program revised. Solyndra used the money, along with hundreds of millions of private investors, a completely new system build, where the mass production of its easy-to-install cylindrical solar “panels.” The whole thing lasted for about two years.
26. May 2010: President Obama lifts a solar panel as he tours a Solyndra plant in Fremont, California.
The ill-fated energy company had initially President, George Bush, for money under the loan-guarantee program, which was created asked to help companies with clean energy technologies that might be considered too risky for private investors.
But it was not until President Obama, the California – based company poster-child status, starts its sweeping stimulus spending plan that Solyndra was approved the request, despite what, apparently, the concern about the long-term (and short term) viability grows.
These concerns were allegedly forwarded to the White house in advance of President Obama’s highly publicized visit to the Solyndra headquarters, which was planned only six months before the 2010 midterm elections. Congressional investigators later information, the point out revealed that Solyndra was dismissed in the planning, some of his employees before the midterm elections, but waited due to pressure from the White house.
Until the end of August 2011, little more than a year after the hosting of a presidential visit, Solyndra had to file for bankruptcy. And the writing was on the wall much earlier.
In February 2011, the Department of Energy restructuring of the loan, and had included terms that would guarantee private investors are repaid before the government-in the case of the company.
Add to the anger among Republicans over what was perceived as a politically-charged credit process was the fact that the private investors backing Solyndra was a well-known Obama fundraising bundler, George Kaiser.
“[T]he actions of certain Solyndra officials were at best reckless and irresponsible, or, in the worst case, a coordinated effort to deceive, knowingly and deliberately mislead the Department.”
— Inspector General report on Solyndra, 2015
A little more than a week after the company announced it was broke, the FBI conducted a surprise raid and agents to carry the crates on boxes from Solyndra headquarters in Fremont, California.
A 2015, the Inspector General report noted that Solyndra had over-inflated the receipt of the goods at a discount despite indications would be the value of some contracts, with some customers apparently you have to pay the full price. Some of the customers they had to count on the wound, until the buy free by the availability of much cheaper technologies from China.
One way or the other, the IG report shows that “the investigative record indicates that the actions of certain Solyndra officials were at best reckless and irresponsible, or, in the worst case, a coordinated effort, to knowingly and intentionally to deceive and mislead the Department.” The IG acknowledges that there were signs that the government might some obvious red flags missed, while critics have argued that red flags were overlooked deliberately.
Sept. 8, 2011: FBI agents guard outside of Solyndra headquarters in Fremont, California.
The loan guarantee program that helped Solyndra out of the ground, if only briefly, still exists today, and taxpayers ‘ money are still not peeled to energy companies of all types. The solar industry itself seems to have not suffered much, with a recent industry report, the prediction of the number of installed solar forecast-projects would more than double by the year 2021.
Tom Pyle, an energy-industry experts, led by the trombone of the presidential transition team on energy, says the program is the continuing existence, in spite of the lessons of the Solyndra debacle shows that the government has no business backing up private energy companies, whether solar or not.
To Finance “although the President has submitted to Trump, very responsible budget, including the elimination of the loan program, Congress continued it… even more generous,” Pyle told Fox News.
And when he considered the prospects of our energy supply in the future, under the proposals, such as the Green New Deal, Pyle, says the lack of knowledge is all the more clear.
“The bottom line is, the Green New dealers want to impose massive state control on our energy resources, and attract billions of our tax money in doubling down on the Solyndras and those projects,” says Pyle. “So, it’s not the lessons learned here, you go the opposite way.”