Two top executives at a bankrupt Bay Area solar energy company say they will invoke their Fifth Amendment rights and refuse to answer questions when they appear at a House hearing on Friday.
The Department of Energy is not the only government agency that invested heavily in Solyndra, the Fremont-based solar manufacturing company that recently filed for bankruptcy.
The chairman of the House Judiciary Committee is calling for an independent investigator to look into a $528 million loan approved by the Energy Department for a now-bankrupt solar energy company.
Federal analysts looking at a proposed loan to a Bay Area solar energy company in 2009 warned then of possible problems, as well as pressure from the White House to speed up a decision, according to a memorandum released by a Congressional committee.
The Obama administration’s eagerness to deliver economic stimulus may have influenced a federal review of a loan to a now bankrupt solar panel manufacturer, a move that may have left taxpayers on the hook for a $528 million debt, House Republicans said Wednesday.
Smaller Bay Area businesses have felt the ripple effect the former solar giant set off when it closed down its operation in the last week.
A congressional memorandum indicates that even as the executives of a solar energy company assured members of Congress that their finances were improving, a different story was being prepared behind the scenes.
Lawmakers failed to renew a statewide utility surcharge before the end of their session, dealing a blow to Gov. Jerry Brown’s plan to promote alternative energy.
FBI agents were executing search warrants at the headquarters of Fremont solar firm Solyndra that received a $535 million loan from the federal government.
Solar panels on top of several carports will provide shade, electricity and save Santa Clara County millions of dollars.