(TheDC) — Failed solar panel maker Solyndra’s Securities and Exchange Commission filings show that seven months after the Obama administration’s Department of Energy approved a $535 million federal loan guarantee, Solyndra applied for a second one valued at $469 million.

“On September 11, 2009, we applied for a second loan guarantee from the DOE, in the amount of approximately $469 million, to partially fund Phase II,” Solyndra wrote in a report it filed with the SEC on December 18, 2009. “If we are unable to obtain the DOE guaranteed loan in whole or in part, we intend to fund any financing shortfall with some combination of the proceeds of this offering, cash flows from operations, debtfinancing and additional equity financing.”

Solyndra applied for that extra $469 million the same year it received the $535 million of ultimately wasted taxpayer money which is the subject of a current congressional investigation. According to the company’s SEC filings, that $535 million was only intended to cover Phase I of the construction of its “Fab 2” solar panel manufacturing facility.

Keep reading…

0 Shares