Documents show Solyndra sought second government loan guarantee for $469 million
Published: Updated: 5:23 PM 09/16/2011 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.
The second application came just one week after Solyndra broke ground on its facilities construction project on Sept. 4, 2009.
Solyndra told the federal government it needed a total of $642 million to complete Phase II, most of which would have been covered by the $469 million Solyndra sought to borrow with taxpayer-funded guarantees.
It’s unclear if the now-bankrupt and scandal-embroiled green energy company actually received a second loan. Department of Energy officials did not immediately respond to The Daily Caller’s request for comment, and the company’s SEC filing left the question open.
“Although the DOE determined on November 4, 2009 that our initial application was complete, and we submitted the second part of the application on November 17, 2009, there is no guarantee that the DOE will approve our application in the full amount requested or at all,” the company wrote in its December 18, 2009 SEC filing.
Dan Simmons of the Institute for Energy Research told TheDC that Solyndra’s failure looks even worse in light of its aim for even more taxpayer money in 2009.
“Solyndra saw the American taxpayer as their personal piggy-bank, so it’s no surprise that they wanted another half billion dollar loan from the taxpayer,” Simmons said in an email. “The only surprise is that the Obama administration rejected the second loan. After all, both private and Department of Energy financial analysts were not excited by Solyndra’s prospects before the first loan.”