Today Solyndra of Fremont, California closed its doors and announced it would seek protection under Chapter 11. The company received $535 million in loan guaranteed by the Department of Energy in 2009. They produced solar panels.
Evergreen Solar shuttered its manufacturing plant in Devens, Massachusetts earlier this year and now has only 85 employees left.
The financing includes a $702 million project bond, a $150 million term loan and an $83 million letter of credit. The project is backed by a Department of Energy loan guarantee.
SpectraWatt a solar spin-off from Intel, laid off most of its employees and shut its doors. Spectra received millions in federal and state grants and will soon file for Chapter 11 protection.
Clean Burn Fuels, LLC Clean Burn Fuels, has closed its doors and filed for bankruptcy.
It received $35 million in loan guarantees last year from the U.S. Department of Agriculture as an incentive to develop renewable energy sources.
To make matters worse, there are charges that the loans went to politically connected firms.
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