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 (DOE). As Colorado Watchdog’s Todd Shepherd reports:
Documents obtained by Colorado Watchdog show that Loveland-based Abound Solar removed an entire rooftop of solar panels from the investment headquarters of wealthy Democrat benefactor Pat Stryker, likely because of inherent product defects.
Originally touted as a green energy success story by President Barack Obama and others, Abound Solar finds itself in the national spotlight after laying off almost 200 workers in February, despite a $400 million loan guarantee from the federal Department of Energy. Stryker’s political ties to the Obama administration drew sharp criticism in a recent Congressional Oversight report. …
The email raises questions about DOE risk-management on loan guarantees. The Congressional Oversight report highlighted the fact that Fitch Ratings company "described Abound as lagging in technology relative to its competitors, failing to achieve stated efficiency targets, and expecting that Abound Solar will suffer from increasing commoditization and pricing pressures." Fitch estimated the chances of taxpayer recovery of the Abound loan at just 45 percent.
Obama’s DOE has a history of funneling billions of taxpayer dollars into businesses operated by Democratic donors. In addition to investing in Abound, Stryker helped finance the "Colorado Model," a Democratic political strategy to promote liberal candidates in the state.
The Denver Post explains that Colorado has become a key swing state due to "its geopolitical divide, where Democratic voters in Boulder and Denver counties cancel out conservative voters in Douglas and El Paso counties." Conservative cities like Fort Collins and Colorado Springs balance the liberal majorities in Denver and Boulder.
Published under: Abound Solar , Colorado , Department of Energy , Obama Administration