Solar industry takes on 'No More Solyndras Act'
Solyndra the political football is still being kicked around in Washington.
Political football Solyndra is still getting kicked around by Washington.
Rep. Cliff Stearns, R-Fla., chairman of the House Subcommittee on Oversight and Investigations, and Commerce Committee Chairman Fred Upton, R-Mich., introduced the "No More Solyndras Act" July 12.
And, yes, that's really its name.
The act would sunset the U.S. Department of Energy's Loan Guarantee program, which granted a $535 million loan guarantee to now-defunct, Fremont-based solar company Solyndra, which Solyndra spent right before shutting down.
The loan guarantee program in total granted $34.7 billion in guarantees (many of those were backed with federal loans of the same amount).
Several companies that were granted loans failed, though none so spectacularly as Solyndra. But many other companies that got the loan guarantees (and loans) are doing fine.
For example, a $1.6 billion loan that went to Brightsource Energy helped the Oakland-based company build its first giant solar project in the Mojave desert. That project will begin producing power soon. It also will put a couple thousand to work throughout construction and will create hundreds of full-time jobs when it's completed. All told, the government said its loan guarantee program was directly responsible for the creation of 60,000 jobs, though I'm sure that figure can be disputed.
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