Laura DiMiugno, 12 July 2012 (Solar Industry)
[Editor’s note: The loan guarantee was evaluated by a conservative Republican and found to be untarnished. Its less than three percent failure rate is far lower than even the best venture capitalists and it has funded some of the most promising cutting edge New Energy technologies.]
“…Republicans in the House of Representatives have offered up a new measure that would essentially eradicate the now-infamous [DOE loan-guarantee] program…[T]he "No More Solyndras Act" - would phase out the loan-guarantee program established under the Energy Policy Act of 2005...[I]t is also an attack against clean energy and, more specifically, solar. When thin-film module manufacturer Abound Solar - another DOE loan-guarantee recipient - announced last week it was suspending operations, it seemed almost inevitable that the Solyndra talks would resurface.”
click to enlarge“The bill - introduced by Reps. Fred Upton, R-Mich., and Cliff Stearns, R-Fla., two central figures leading the epic Solyndra investigations - would forbid the DOE from issuing a loan guarantee for any application received after Dec. 31, 2011. Pending applications that were submitted before that date would remain active, but companies would have to meet a host of [new] criteria… “Although Section 1705 of the program - the provision under which Solyndra was backed - has expired, the DOE is still considering applications for loan guarantees under Section 1703, which authorizes the DOE to support clean energy technologies that are unable to obtain conventional private financing. In fact, there is still some $34 billion remaining under Section 1703 for loan guarantees, according to the bill…”
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