4/03/2012

Another Solyndra? This time with up to $2.1 billion at stake

From the Washington Examiner:
Solar Trust for America received $2.1 billion in conditional loan guarantees from the Department of Energy -- "the largest amount ever offered to a solar project," according to Energy Secretary Steven Chu -- for a project near Blythe, Calif., but declared bankruptcy within a year. It is unclear how much of the guarantee, if any, was actually awarded. Senior officials in Obama's administration had very high hopes for the Blythe project. Interior Secretary Ken Salazar attended the groundbreaking ceremony, which he described as "a historic moment in America’s new energy frontier" and "another important step in making America’s clean energy future a reality." Chu trumpeted at the time that Solar Trust would prove that "when we rev up the great American innovation machine, we can out-compete any other nation." . . .
At the same time Fisker Automotive is having trouble.
Fisker Automotive's new chief executive, Tom LaSorda, said the luxury electric-vehicle company is looking at alternatives to building its second model in a former General Motors Co. GM -4.56% plant in Delaware, raising the possibility of abandoning a plan that had financial backing from the Obama administration. Mr. LaSorda also said Fisker is looking for strategic partners as part of its effort to raise new funds to replace a federal loan that was frozen earlier this year. Fisker was awarded a $529 million loan under an Obama administration program designed to spur production of advanced technology vehicles. Fisker drew about $193 million of the Energy Department loan to engineer its Karma luxury plug-in hybrid. But a plan to retool the former GM factory to build a second model, now called the Atlantic, was delayed . . .

Labels: ,

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home