NewEnergyNews: DOE LOAN PROGRAM TURNS A PROFIT

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    Thursday, November 13, 2014

    DOE LOAN PROGRAM TURNS A PROFIT

    Exclusive: Controversial U.S. energy loan program has wiped out losses

    Nichola Groom w/Ronald Grover and Ken Wills, November 12, 2014 (Reuters via Yahoo News)

    “The controversial government program that funded failed solar company Solyndra, and became a lighting rod in the 2012 presidential election, is officially in the black…[According to] the Department of Energy, interest payments to the government from projects funded by the Loan Programs Office were $810 million as of September - higher than the $780 million in losses from loans it sustained from startups including Fisker Automotive, Abound Solar and Solyndra…[T]he federal loans program is a success for taxpayers, judging by the numbers in the new report… The losses are not expected to rise significantly, while [money continues to accrue monthly] from interest payments… because most of the projects that received government loans are large power plants that are now feeding electricity into the grid…Since DOE approved loans for the five utility-scale photovoltaic projects, 17 more have been funded by private investors who would not have taken on that risk five years ago…The DOE's loan program was created in 2005 under the Bush Administration, but its program for renewable energy projects was funded in 2009 as part of the Obama Administration's economic stimulus...” click here for more

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