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

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 This material may not be published, broadcast, rewritten, or redistributed.)



More From CBS San Francisco

Get The New CBS SF Bay Area Local App
Got Our Weather App?

Listen Live