Another renewable energy company that received hefty Energy Department loan guarantees under President Obama’s green energy initiative filed for bankruptcy Monday.
Solar Trust, which received a $2.1 billion conditional loan guarantee, filed Chapter 11 bankruptcy in Delaware Monday. The company did not qualify for those Energy Department loans after failing to meet several goals placed upon it by the agency.
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The Washington Post reports:
Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million.
The filing comes amid the ongoing controversy surrounding Solyndra, a solar firm that received a half-billion dollar federal loan and was touted by the Obama administration before declaring bankruptcy last year.
Interior Secretary Ken Salazar and California Gov. Jerry Brown were on hand last June when Solar Trust broke ground on a 1,000-megawatt project in California. The project was touted as the world’s largest solar power plant and a keystone of the Obama administration’s efforts to promote solar energy.