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San Jose Solar Firm Goes Under; Mississippi Among Creditors Owed Millions

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A worker demonstrates the ultra-thin solar panels produced by Twin Creeks Technologies. (Twin Creeks Technologies, Inc.)

A worker demonstrates the ultra-thin solar panels produced by Twin Creeks Technologies. (Twin Creeks Technologies, Inc.)

JACKSON, Miss. (CBS/AP) — Mississippi taxpayers may have only an empty Senatobia building and solar panel equipment to show for $26 million in loans to Twin Creeks Technologies.

The San Jose-based solar technology firm is liquidating, and the company that bought its assets won’t take over the agreement with Mississippi.

Twin Creeks had agreed to invest at least $132 million and create at least 500 jobs in exchange for aid.

The state sued Twin Creeks in Tate County and won a restraining order against the firm Nov. 8.

The Mississippi Development Authority’s Kathy Gelston says officials are asking Twin Creeks to repay aid.

Lenders sold Twin Creeks’ technology for $10 million to GT Advanced Technologies of Nashua, N.H. Gelston says the sale generated about $3 million for Twin Creeks, but other creditors remain besides Mississippi.

 

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

 

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