An Ohio solar firm is struggling to pay back its $5 million taxpayer loan, the Columbus Dispatch reports:
The state’s effort to help build a renewable- and advanced-energy industry in Ohio with taxpayer assistance is on the verge of suffering its first casualty.
Perrysburg-based Willard & Kelsey Solar Group failed to make payments on a $5 million loan and struggled to get financial investments, so the Ohio Air Quality Development Authority yesterday took the unprecedented step of calling the loan due. It declared the solar manufacturer in default and ordered full repayment by Sept. 3. …
The Ohio Department of Development called a separate loan due this month, ordering Willard & Kelsey to pay $4.1 million by Sept. 5.
If the full amounts are not repaid, the state will begin to liquidate assets and take other legal steps to recoup as much taxpayer money as possible.