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DOE loan guarantee program succeeds despite early controversy

DOE loan guarantee program succeeds despite early controversy Screenshot form the Reuters Website
Francisco Rojas 14 Nov 2014

The DOE's Loan Programs Office reported that last September the much criticised loan guarantee program is back on the profit side.

In a very lengthy article by Reuters, the controversial government programme that provided funds for Solyndra, the much critiqued solar company that went under in 2011.

Teh Reuters article states that “according to a report by the Department of Energy, interest payments to the government from projects funded by the Loan Programs Office were $810 million as of September – higher than the $780 million in losses from loans it sustained from startups including Fisker Automotive, Abound Solar and Solyndra, which went bankrupt after receiving large government loans intended to help them bring their advanced green technologies to market.”

In essence, despite the early criticism the, DOE’s Loan Program is actually returning benefits for the US taxpayer proving that renewables are a sustainable business when given the right incentives.

To read the full article, please follow the link below:

Source: Reuters