SunPower: Twice as bad as Solyndra

Rick Moran
Another solar company, another loan guarantee. Except this one is more than double what we ponied up for Solyndra - $1.2 billion - and the panels for the project were going to be built in ... Mexico. Human Events: How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project-three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice the size of the money sent down the Solyndra drain.Two men with insight into the process are SunPower rooter Rep. George R. Miller III, (D.-Calif.), the senior Democrat on the House Education and Workforce Committee and the co-chairman of the...(Read Full Post)

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