He is also responsible for the mismanagement of the Department of Energy (DOE) Loan Guarantee Program.
Now, we knew from the start that the loan guarantee program was going to entail some risk, by definition.
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With the political fall-out from Solyndra, SoloPower will attract lots of scrutiny from critics of the Loan Guarantee program.
But the company may be able to tap a nuclear loan guarantee program that the Obama administration proposed earlier this year.
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Solyndra -- this is a loan guarantee program that predates me that historically has had support from Democrats and Republicans as well.
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But Congress has slashed the loan guarantee program's budget to pay for other priorities, such as last year's "Cash for Clunkers" program to boost auto sales.
Rhode Island, for example, also required 38 Studios to create a certain number of jobs before it could access the funds tied to the state's loan guarantee program.
"Without the federal loan guarantee program, private-sector capital earmarked for this and other clean-energy projects will stay on the sidelines, " NRG Chief Financial Officer Christian Schade said by email.
For example, Suntech paid an average of 4% to 5% interest on its loans in 2010, much higher than the 1% given to US companies under the DOE loan guarantee program.
The loan guarantee program at issue allows the Energy Department to help finance certain renewable energy projects, electric transmission systems and bio-fuels projects that begin construction no later than September 30, 2011.
The loan guarantee program discussed in the memo allows the Energy Department to help finance projects such as electric transmission systems and bio-fuel initiatives that begin construction no later than September 30, 2011.
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Proponents of nuclear power say construction of new plants would likely require the extension of a federal loan guarantee program, also created by the 2005 energy act, that's set to expire in 2009.
The DOE Loan Guarantee Program Office has provided a draft term sheet for the California Valley Solar Ranch project, which is a significant milestone in the process leading to a conditional loan guarantee commitment.
The project is currently seeking a loan guarantee from the U.S. Department of Energy's (DOE) Loan Guarantee Program Office, which supports accelerated commercial use of innovative energy technologies to help sustain economic growth, yield environmental benefits, and produce a more stable and secure energy supply.
Renewable-energy companies, particularly solar power product makers and developers, say the loan-guarantee program administered by the Department of Energy is crucial to allow projects currently under development to proceed.
Antelope Valley is one of several clean-technology projects that haven't yet received any payments from the federal government under a loan-guarantee program that closed all deals more than four months ago.
Homex quelled market worries somewhat in April via the sale of stakes in two penitentiaries, and by securing a bridge loan for construction under a new loan-guarantee program being offered by the government.
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WASHINGTON President Obama's top advisers recommended cutting off funding for a federal loan-guarantee program meant to spur the construction of wind and solar farms and other alternative energy projects, saying taxpayer dollars might be better spent elsewhere.
It would also probably have to sell the project at a lower price than under its deal with Exelon, because the loan-guarantee program may be abandoned and that would increase the financing costs, said Mr. Ries.
So by definition, every single government loan guarantee in this program is to a company or a technology that the free market, knowledgeable investors, and industry insiders have rejected as a bad investment.
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Cutting the DOE program would "kill all clean energy projects with pending DOE loan guarantee applications, causing the loss of tens of thousands of jobs and many other benefits, " the Solar Energy Industries Association said in a statement.
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