Documents show SOLYNDRA sought second government loan guarantee for $469 million – The Daily Caller
FREMONT, CA – MAY 26: U.S. President Barack Obama heads inside to deliver a speech after meeting with construction workers building a new Solyndra solar panel factory May 26, 2010 in Fremont, California. President Obama toured Solyndra Inc., a growing solar power equipment facility that is adding jobs as they expand their operation. (Photo by Paul Chinn-Pool/Getty Images)
Documents show Solyndra sought second government loan guarantee for $469 million
Published: 3:49 PM 09/16/2011 | Updated: 12:13 AM 09/17/2011
By Matthew Boyle – The Daily Caller
Failed solar panel maker Solyndra’s Securities and Exchange Commission filings show that seven months after the Obama administration’s Department of Energy approved a $535 million federal loan guarantee, Solyndra applied for a second one valued at $469 million.
“On September 11, 2009, we applied for a second loan guarantee from the DOE, in the amount of approximately $469 million, to partially fund Phase II,” Solyndra wrote in a report it filed with the SEC on December 18, 2009. “If we are unable to obtain the DOE guaranteed loan in whole or in part, we intend to fund any financing shortfall with some combination of the proceeds of this offering, cash flows from operations, debt financing and additional equity financing.” (RELATED: White House wary of Solyndra re-election effects)
Solyndra applied for that extra $469 million the same year it received the $535 million of ultimately wasted taxpayer money which is the subject of a current congressional investigation. According to the company’s SEC filings, that $535 million was only intended to cover Phase I of the construction of its “Fab 2″ solar panel manufacturing facility.