SoloPower writes check, avoids state actions
By Andy Giegerich
Sustainable Business Oregon editor
A SoloPower worker examines one of the company's open heating units. The company made an interest-only loan payment that could help it avoid foreclosure on a state loan. However, SoloPower still plans to lay off 29 North Portland plant workers and suspend local operations.
SoloPower has made an interest-only loan payment to the state that could prevent the company from facing foreclosure.
The Oregonian newspaper reported late Monday that the company paid $50,800 to the state's Department of Energy. The paper had reported Friday that the energy department would foreclose on the $10 million loan if SoloPower had missed the payment.
The company, which makes thin solar film, last month revealed it would lay off the 29 workers at its Portland plant on June 17.
SoloPower collected $10 million in Oregon's Business Energy Tax Credits and a $10 million Energy Department loan. Portland had guaranteed half of the state's loan.
The San Jose-based company had made a splash locally in 2011 when it announced it would establish a plant in Wilsonville. It later changed its plans and announced it would move to Portland after Wilsonville residents balked over taxpayer-provided incentives the company would have received.
State officials had started preparing for the possibility that SoloPower would default on commitments related to the BETC credits.
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