Obama Goverment Solar Panel

President barack obama d issued a presidential memorandum on dec.

Obama goverment solar panel.

Solyndra a california based manufacturer of rooftop solar panels opened in 2005 and in 2009 became the obama administration s first recipient of an energy loan guarantee to the tune of 535 million meant to help minimize the risk to venture capital firms that were backing the solar start up. Department of agriculture usda u s. President obama exaggerated when defending his administration s approval of a 535 million loan guarantee to solyndra a now defunct solar company. Obama gave 500 000 000 that s a half billion in taxpayer money to solyndra who shut its doors and laid off 1100 workers in august 2011 after billions in losses due to failure to make a solar product that works.

Since the failure of solar panel company solyndra president obama s 80 billion clean technology program has begun to look like a political liability. Barack obama was not vetted before being elected president and neither was solyndra before mr. The stimulus funded loan which was originally applied for in 2006 under the bush administration was guaranteed by the department of energy. Department of housing and urban development hud and the environmental protection agency epa to support greater solar deployment.

Solyndra the solar panel manufacturer who took more than 500 million from president obama s stimulus then went bust sticking taxpayers for the loss lied to federal officials to secure the loan. A 1 billion solar plant was obsolete before it ever went online solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with. Obama referred to solyndra s loan at an oct. Department of energy doe u s.

President obama touted abound in a july 3 2010 announcement of a 2 billion investment in green energy projects. The move was hailed by conservation organizations as well as renewable energy advocates. Obama threw that taxpayer money down the drain of unproven technology. In 2009 the california based green energy solar panel manufacturer solyndra received a 535 million loan.

Key events in solyndra.