Skip to comments.SolarCity latest to see loan loss post Solyndra
Posted on 09/23/2011 5:16:06 PM PDT by mdittmar
Solar panel installer SolarCity said on Friday it was the second company in as many days that will not get finalization of U.S. government loan aid by a September 30 deadline.
The Department of Energy informed SolarCity of its inability to close the loan 48 hours ago, blaming increased paperwork resulting from a Congressional investigation into the Department of Energy's $535 million loan guarantee awarded to bankrupt solar company Solyndra, SolarCity said in a letter to the Republican lawmakers heading the probe.
The DOE loan guarantee program, which is under fire for missing signs its first recipient of loan aid, Solyndra, was bleeding money before it went bankrupt, has nearly $9 billion in loans still to finalize.
SolarCity's $275 million loan guarantee was intended to fund a plan, called SolarStrong, to install up to 160,000 rooftop solar systems on military family homes. The conditional loan guarantee was offered on September 2, SolarCity said.
(Excerpt) Read more at reuters.com ...
What? The government can’t do its job because it is forced to do it’s paperwork by some arbitrary deadline?
Welcome to the world you created bozos...
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