The bankruptcy of Solyndra – a California based manufacturer of solar cells sponsored by the U. S. Department of Energy (DOE) – is likely to wreck any last hopes that the ill-fated V-Vehicle/Next Autoworks project will ever become roadworthy.
U.S. clean energy loan program could double
The controversial Energy Department loan program that backed a now-bankrupt solar panel maker could nearly double in size by the month’s end. The Department of Energy has until Sept. 30 to give 14 companies final approval for loan guarantees totaling over $9 billion.
The DOE’s Loan Program website shows nothing in the works for the Monroe project. The only Advanced Technology Vehicle Manufacturing (ATVM) project with a conditional commitment is Severstal Dearborn, LLC.
CBS News reported this morning that the program will end on the 30th of this month and that only the projects that are ready to close will be approved.
The Obama administration is moving to finalize as many as 15 loan guarantees for renewable-energy companies before the stimulus program ends on Sept. 30. Republicans question whether that could lead to more loans to companies that fail like Solyndra.
(DOE spokesman) Damien LaVera said the department won’t take any shortcuts during the approval process.
“We will only close the deals that are ready to close on Sept. 30,” he said.
Meanwhile the Ouachita Parish Police Jury (OPPJ) has yet to return the property taxes it collected for the project, despite solemn promise to do so.
They have managed to stall the refund for two years by claiming the federal loans were about to be approved “within the next few days/weeks/months” whenever the issue was mentioned.
We will be at the OPPJ meeting on Monday, 9/19, and will ask them once again when they will return the taxpayer’s money.
Lincoln Parish News Online (LPNO) has reported extensively on the controversial company and the Monroe project. Archived stories can be found here.