Energy Committee Investigating Solyndra’s Loan Guarantee

House Energy and Commerce Committee Chairman Fred Upton, R-Mich., has sent a letter to Department of Energy (DOE) Secretary Steven Chu and other government officials requesting an investigation into the March 2009 award of a $535 million loan guarantee to Fremont, Calif.-based Solyndra Inc.

Since its award, Solyndra has closed one of its factories, laid off workers, postponed expansion plans and canceled the hiring of 1,000 workers, Upton says.

‘The unfortunate reality is that the [DOE's] stimulus loan guarantee program highlights many of the systemic flaws associated with the stimulus,’ Upton states. ‘In the mad dash to spend hundreds of billions of dollars, projects were rushed and the highly touted benefits from ribbon cuttings were not realized.’

In his letter to Chu, Upton asks that the energy secretary supply all documents regarding communications between DOE and Solyndra, internal communications discussing the loan guarantee, application materials and other documents.

SOURCE: House Energy and Commerce Committee

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