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Federal Energy Loan Guarantee Program from 2005 Finally Approves its First Applicant

As we wait for stimulus dollars to trickle through the system, a provision of the Energy Policy Act of 2005 has finally born fruit for renewable energy.

Solyndra Inc. is the first recipient of loan guarantee under Title XVII of the Energy Policy Act of 2005. Last week, Energy Secretary Steven Chu announced a $535 million loan guarantee to the Freemont, CA company.

EPAct05 directed the U.S. Department of Energy to offer up to $60 billion in loan guarantees for a wide range of energy projects. Chu has criticized the lengthy and complicated application process, and promised to review the backlog of applications.

Solyndra, which makes solar panels for commercial buildings, said the US $535 million loan from the U.S. Treasury's Federal Financing Bank will cover debt financing for 73 percent of the cost of a second PV manufacturing plant in Freemont.

"DOE approves loan support for solar plant" (AP)

"Solyndra Offered First Ever US $535M DOE Loan" (Renewable Energy World)

Comments

The Detroit Big 3 (Who are fronts for the oil companies), the banks (Who conduit the oil company money) and AIG (who keeps the oil companies protected) were handed money in a sack within a few days with no questions asked, no application and no review process but the alternative energy people, ie: wind, solar and electric cars must pay massive fees, file thousands of pages of paper and wait years to see if they MIGHT get some money. It seems as if there is an intentional program going on to delay alternative energy. Already, multiple solar companies that were waiting for that money have been forced to go out of business by the delay and most of the electric car companies are going to die soon too.