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Solar company fails after getting federal loan guarantees

Solyndra, a California solar company backed by a half-billion dollars in loan guarantees from the Obama administration, announced it was shutting its doors and laying off 1,100 employees.

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Flanked by lawyers, Brian Harrison, left, president and CEO of Solyndra, and W.G. Stover Jr., senior vice president and chief financial officer of Solyndra, are sworn in before the House Oversight and Investigations Subcommittee on Capitol Hill.

Melina Mara / THE WASHINGTON POST

Solyndra officials Brian Harrison and W.G. Stover Jr. appear before the House Oversight and Investigations Subcommittee on Capitol Hill. The men invoked the Fifth Amendment, refusing to answer questions on the advice of their attorney.

Solyndra officials Brian Harrison and W.G. Stover Jr. appear before the House Oversight and Investigations Subcommittee on Capitol Hill. The men invoked the Fifth Amendment, refusing to answer questions on the advice of their attorney.

Melina Mara / THE WASHINGTON POST

A hearing room screen shows Solyndra officials Brian Harrison and W.G. Stover Jr. appearing before the House Oversight and Investigations Subcommittee on Capitol Hill.

A hearing room screen shows Solyndra officials Brian Harrison and W.G. Stover Jr. appearing before the House Oversight and Investigations Subcommittee on Capitol Hill.

Melina Mara / THE WASHINGTON POST

Solyndra executives Brian Harrison and W.G. Stover Jr. appear before the House Oversight and Investigations Subcommittee on Capitol Hill.

Solyndra executives Brian Harrison and W.G. Stover Jr. appear before the House Oversight and Investigations Subcommittee on Capitol Hill.

Melina Mara / THE WASHINGTON POST

Vice President Joe Biden is seen on a video screen in the James Brady Briefing Room in the West Wing of the White House in Washington, Friday, Sept. 4, 2009, as he speaks via satellite from the White House at an event about green energy initiatives in regards to the economy at Solyndra, Inc., a manufacturer of solar panels, in Fremont, Calif., with Energy Secretary Steven Chu and California Gov. Arnold Schwarzenegger, both not pictured.

Vice President Joe Biden is seen on a video screen in the James Brady Briefing Room in the West Wing of the White House in Washington, Friday, Sept. 4, 2009, as he speaks via satellite from the White House at an event about green energy initiatives in regards to the economy at Solyndra, Inc., a manufacturer of solar panels, in Fremont, Calif., with Energy Secretary Steven Chu and California Gov. Arnold Schwarzenegger, both not pictured.

Charles Dharapak / AP

Solyndra, a solar company based in Fremont, Calif., said it is suspending operations and plans to seek Chapter 11 bankruptcy protection.

Solyndra, a solar company based in Fremont, Calif., said it is suspending operations and plans to seek Chapter 11 bankruptcy protection.

Bill O'Leary / The Washington Post

President Obama heads inside to deliver a speech after meeting with construction workers building a new Solyndra solar-panel factory in May 2010. The start-up venture has long been an administration favorite, and its factory received visits from the president and Energy Secretary Steve Chu. Both used their visits to praise the company for creating jobs and leading the way into a new economy fueled by green-energy businesses.

President Obama heads inside to deliver a speech after meeting with construction workers building a new Solyndra solar-panel factory in May 2010. The start-up venture has long been an administration favorite, and its factory received visits from the president and Energy Secretary Steve Chu. Both used their visits to praise the company for creating jobs and leading the way into a new economy fueled by green-energy businesses.

Paul Chinn / Pool/Getty Images

David Miller, Solyndra’s director of corporate communications, on the roof examining solar collecting tubes in March. The company’s unexpected announcement raised questions about whether taxpayers would be responsible for the entire $535 million in loans Solyndra used to build a Silicon Valley factory. The wisdom of loan guarantees granted to the company by the Obama administration had already been questioned by government auditors and been the target of a subpoena from House Republicans.

David Miller, Solyndra’s director of corporate communications, on the roof examining solar collecting tubes in March. The company’s unexpected announcement raised questions about whether taxpayers would be responsible for the entire $535 million in loans Solyndra used to build a Silicon Valley factory. The wisdom of loan guarantees granted to the company by the Obama administration had already been questioned by government auditors and been the target of a subpoena from House Republicans.

Bill O'Leary / The Washington Post

Glass tubes with solar collecting elements cover the rooftop of Solyndra in Fremont. “This was an unexpected outcome and is most unfortunate,” Solyndra chief executive Brian Harrison said in a release. He said “regulatory and policy uncertainties” made it impossible to raise capital to quickly rescue the operation.

Glass tubes with solar collecting elements cover the rooftop of Solyndra in Fremont. “This was an unexpected outcome and is most unfortunate,” Solyndra chief executive Brian Harrison said in a release. He said “regulatory and policy uncertainties” made it impossible to raise capital to quickly rescue the operation.

Bill O'Leary / The Washington Post

Glass tubes waiting to be filled with solar collecting elements at Solyndra. The Energy Department said less expensive solar panels from subsidized Chinese companies hurt Solyndra’s chances of survival. “We have always recognized that not every one of the innovative companies supported by our loans and loan guarantees would succeed,” Energy Department spokesman Dan Leistikow said in a statement. “But we can’t stop investing in game-changing technologies that are key to America’s leadership in the global economy.”

Glass tubes waiting to be filled with solar collecting elements at Solyndra. The Energy Department said less expensive solar panels from subsidized Chinese companies hurt Solyndra’s chances of survival. “We have always recognized that not every one of the innovative companies supported by our loans and loan guarantees would succeed,” Energy Department spokesman Dan Leistikow said in a statement. “But we can’t stop investing in game-changing technologies that are key to America’s leadership in the global economy.”

Bill O'Leary / The Washington Post

Solyndra was backed by venture capital from Tulsa billionaire and Democratic fundraiser George Kaiser. Its political connections had been been criticized by Republicans, who questioned the administration’s focus on the company.

Solyndra was backed by venture capital from Tulsa billionaire and Democratic fundraiser George Kaiser. Its political connections had been been criticized by Republicans, who questioned the administration’s focus on the company.

Bill O'Leary / The Washington Post

Technicians monitor the assembly line at Solyndra. Taxpayers might be on the hook for the full amount of the loan if Solyndra is unable to repay, experts in the stimulus and loan guarantee program said Wednesday. The Energy Department could seek repayment in court, but receiving more than a nominal amount is unlikely, because of the company’s lack of cash and assets.

Technicians monitor the assembly line at Solyndra. Taxpayers might be on the hook for the full amount of the loan if Solyndra is unable to repay, experts in the stimulus and loan guarantee program said Wednesday. The Energy Department could seek repayment in court, but receiving more than a nominal amount is unlikely, because of the company’s lack of cash and assets.

Bill O'Leary / The Washington Post

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