Documents show Solyndra sought second government loan guarantee for $469 million, US News, News , Politics

The spigot was wide open in the Obama regime for so-called green energy business that couldn’t operate with heavy government subsidies.

What Obama and his Lib cohorts don’t understand while relaxing at the academic lounges of Harvard and Yale is that government sponsored business never work efficiently. That’s why this shame operation went belly up faster than they could sell one solar panel.


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.”

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.

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