The Obama Administration is working to award as much as $9.2 billion in government financing to clean energy companies before September 30.
If projects meet government lending rules, loan guarantees for 14 companies will close by the end of the month. According to Department of Energy Damien LaVera, “we want to get as many of these done in a way that responsibly protects the taxpayers’ interest. If they meet conditions set out in the agreement, then they’ll close.”
Congressional Republicans are opposed to giving government funds to solar energy companies after Solyndra LLC, a solar-panel maker, filed for bankruptcy after receiving $535 million in government loan guarantees. Two days later, the FBI raided its Fremont, California headquarters. Republicans have viewed Solyndra as a “poster child” for the anticipated failure of clean-energy subsidies awarded under President Obama.
Representative Cliff Stearns is not happy with the distribution of funds by the Department of Energy. “Taxpayers would be better served by not risking even more of their money, instead using it to reduce our mounting national deficit.”
The stimulus program was passed in 2009 by Congress, which set a September 30 deadline for loan guarantees for most alternative energy projects. There are continued programs for investments in advanced technology vehicles and nuclear power plants.