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Abound Solar Got $400M Fed Loan Despite Low Rating
ABC News ^ | March 2, 2012 | By MATTHEW MOSK

Posted on 03/02/2012 12:10:24 PM PST by Oldeconomybuyer

A month before Abound Solar announced it would be laying off nearly half its workforce, Congressional Republicans alerted the U.S. Department of Energy that they had questions about the decision to loan the Colorado firm $400 million.

The House Committee on Oversight and Government Reform asked Energy Secretary Steven Chu to explain how the solar panel manufacturer had qualified for the loan after the ratings firm Fitch had determined the company would make a "highly speculative" investment.

Energy officials maintain hope that Abound will find its way in a tough solar energy market. "While the challenges facing solar manufacturers have been widely reported," said LaVera, "we continue to believe that supporting innovative companies like this is important to ensuring our nation has the ability to compete for the clean energy jobs of tomorrow."

(Excerpt) Read more at ...

TOPICS: Business/Economy; Crime/Corruption; News/Current Events; Politics/Elections
KEYWORDS: abound; failure; porkulus; solyndra
Cluster blank.
1 posted on 03/02/2012 12:10:31 PM PST by Oldeconomybuyer
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To: Oldeconomybuyer
fustercluck Pictures, Images and Photos
2 posted on 03/02/2012 12:22:35 PM PST by jessduntno ("Newt Gingrich was part of the Reagan Revolution's Murderers' Row." - Jeffrey Lord, Reagan Admin.)
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To: Oldeconomybuyer


Now you know why the Democrats want to focus on birth control

3 posted on 03/02/2012 12:37:54 PM PST by LMAO ("Begging hands and Bleeding hearts will only cry out for more"...Anthem from Rush)
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To: Oldeconomybuyer

Added the story to my list which started yesterday. I suspect the list will grow by the day.

US Federal Subsidies to Solar Up 626%, Subsidies to Wind Up 946% between FY 2007 and 2010

Abound Solar Got $400M Fed Loan Despite Low Rating

Abound (Solar) lays off 280, cites competition from foreign producers

Report: Stimulus-backed solar company lays off 70 percent of workforce (Abound Solar)

Surprise! Another DOE Solar ‘Bet’ Produces Green Job Losses (Abound Solar)

More Green Energy Layoffs: CO Solar Firm Cuts Workforce in Half ( company? )

Energy Conversion Devices files Chptr 11 (Energy Conversion Devices)

More Solyndra glass being scrapped for a loss (Solyndra)

The $1 billion Genesis Solar Energy Project near Blythe in the desert east of Los Angeles was on track
to start producing power for some 187,500 homes starting in 2014.

Sanyo to close solar factory in California (subsidies have run out) (Sanyo)

Solar-Panel Company Lays Off 40 Employees ( company? )

Solon files for bankruptcy in Germany

BP shutting solar unit as industry struggles

Solar Company Scraps Factory, Leaves Michigan in Dark (GlobalWatt)

Robert Kennedy, Jr.’s ‘Green’ Company Scored $1.4 Billion Taxpayer Bailout (BrightSource)

Another Solar Company Files Bankruptcy Beacon Power follows Solyndra in bankruptcy

Solar Firm That Received $1.2 Billion Federal Loan Plagued by Financial Problems (SunPower Corp.)

Solar firms reportedly trying to sell in-house equipment

SpectraWatt, Inc., Evergreen Solar, Mountain Plaza, Inc., Olsen’s Mill, Solar Millennium, Nevada’s SolarReserve Project,

Evergreen Solar plants in Mass. and Mich. to be auctioned

Crescent Dunes - Energy Department approves $737 million solar loan guarantee

Solar company that got federal loan shuts down (Solyndra)

Intel’s solar spinoff files for bankruptcy (SpectraWatt)

Solar Energy Panels Not So Hot (Solon Corp)

Evergreen Solar files for bankruptcy, plans asset sale

First Solar nabs $4.5 billion in DOE loan guarantees
First Solar, Inc. laid off half its employees on Friday at its Antelope Valley Solar Ranch One project

California solar project wins $2.1B in federal loans (Solar Trust of America) - waiting for this one to fail
Solar Millennium AG, the majority owner of the equity of Solar Trust of America, announced the initiation of insolvency proceedings in Germany.

4 posted on 03/02/2012 2:51:27 PM PST by AlmaKing
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