The same California agency that awarded more than $25 million in tax breaks to bankrupt solar company Solyndra is developing another state-level "green" program.
From LEEDdaily:
California is working with banks to develop low-interest loans for owners of commercial and industrial property to finance upgrades that curb energy use, state Controller John Chiang said.
A pool of funds would be made available under criteria set by the California Alternative Energy and Advanced Transportation Financing Authority, Chiang said yesterday in a telephone interview. Legislation fleshing out the proposal will be introduced this year, he said.
The authority, whose five members include both Chiang and state Treasurer Bill Lockyer, came under scrutiny last year for awarding more than $25 million in tax relief to Solyndra LLC, the now-bankrupt solar-panel manufacturer.
"We’re hoping this moves money off the sidelines," said Chiang, a 49-year-old Democrat, who declined to identify the banks the state is working with. "We have a lot of dislocated workers because of what happened in the real-estate and financial sectors in 2007 and 2008."