SolarCity latest to see U.S. loan loss post-Solyndra
Solar panel installer SolarCity said on Friday it was the second company in as many days that will not get finalization of U.S. government loan aid by a September 30 deadline.
The Department of Energy informed SolarCity of its inability to close the loan 48 hours ago, blaming increased paperwork resulting from a Congressional investigation into the DOE’s $535 million loan guarantee awarded to bankrupt solar company Solyndra, SolarCity said in a letter to the Republican lawmakers heading the probe.
The DOE loan guarantee program — under fire for missing signs that its first recipient of loan aid, Solyndra, was bleeding money before it went bankrupt — has nearly $9 billion in loans still to finalize. (Reuters)
