Tuesday, July 24, 2012
98 Percent of DOE Loan Projects Successful
This should be the last word on Solyndra and the DOE loan program, but I'm sure the rhetoric from fossil fuel inspired politicos will keep going ad nauseam.
So best just to keep good news like this in mind when you run into a denier, that special someone just unwilling to accept that the future of energy is one of our biggest challenges. We can do something about it but need to act. I digress. Here's the good news:
"These critics keep citing Solyndra, a solar panel manufacturer that went bankrupt because of intense foreign competition. But the projects representing about 98 percent of the program's funding have been successful, especially solar power plants that aren't vulnerable to the volatile global economy. Overall, the program has spurred $40 billion of investments in energy projects over the last five years, while supporting more than 60,000 American jobs.
An independent program review headed by Herbert Allison, a former Wall Street financier, reported that the loan portfolio is performing well, with the great majority of the companies on track to repay their loans on schedule along with $8 billion in interest," according to the Miami Herald.
Posted by Mike Misner at 2:24 PM