$80 million for each solar job – Obama’s green “investment”

October 13, 2011 09:10

French company buys majority interest in Sunpower after DOE loan guarantee. – FoxNews.com

By at FoxNews.com


Republican lawmakers on two House committees are seeking details about the loans given to First Solar, SunPower Corp. and ProLogis. Of those three companies, troubling financial revelations have emerged about SunPower, which received a $1.2 billion loan …

But SunPower posted $150 million in losses during the first half of this year and its debt is nearly 80 percent higher than the market value of all its outstanding shares. The company is also facing class action lawsuits for misstating its earnings.

The company is also politically connected. Rep. George Miller’s son is SunPower’s top lobbyist.

The Energy and Commerce Committee also sent a letter to Chu last week after the Energy secretary didn’t respond to its first letter Sept. 20 requesting documents on the financial condition of the companies receiving loan guarantees.


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