The Department of Energy ignored warnings by internal solar experts when it subsidized a solar company backed by a major Democratic donor that went bankrupt in 2012, according to a report from federal watchdogs.
The cleanup of bankrupt company Abound Solar Inc. will cost an estimated $3.7 million, according to Northern Colorado Business Report.
The House Energy and Commerce Committee advanced a bill aimed at keeping taxpayer dollars out of the hands of green energy companies.
Another federally backed solar company will declare bankruptcy, the Department of Energy announced Thursday.
Newly discovered documents reveal that Abound Solar, a company heavily invested in by a major Obama supporter and which was touted by the Obama administration as a “green energy success story,” experienced troubling failures before receiving a massive federal loan guarantee from the Department of Energy.
A new Obama campaign ad accusing Republican presidential nominee Mitt Romney of shipping jobs overseas celebrates the president’s clean energy program, which has given taxpayer-guaranteed loans to foreign-owned companies and firms that manufacture their products outside the United States.