"Son-Power" Helps SunPower Get $1.2 billion loan from Feds

Human Events ^ | 10/11/11 | Neil McCabe

[LewPuller]

How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.

The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice the size of the money sent down the Solyndra drain.

Two men with insight into the process are SunPower rooter Rep. George R. Miller III, (D.-Calif.), the senior Democrat on the House Education and Workforce Committee and the co-chairman of the Democratic Steering and Policy Committee, and his SunPower lobbyist son, George Miller IV.

Miller the Elder is a strong advocate for SunPower, which converted an old Richmond, Calif., Ford plant in his district to a panel-manufacturing facility.

The congressman hosted an Oct. 14, 2010, tour of the plant with company CEO Thomas H. Werner and Interior Secretary Kenneth L. Salazar to promote the company’s fortunes.

[DManA]

Is there a single congressman who doesn’t have a wife, husband, child, brother, or sister who is a lobbyist?

I sincerely doubt it.

[Former Proud Canadian]

Another huge loan to a failing solar company with ties to dems. This is going to be a recurring story in the next few months.

[Wolfie]

It’s a proven path to wealth and success. Kudos to those smart enough to pull it off.

[DManA]

First the lobbyists. THEN the lawyers.

[Wolfie]

I think of them like the Wall Street banksters. They’ve figured out the game and play it very well. Nothing wrong with that.