Wednesday, August 31, 2011

Obama solar power stimulus "success" eclipsed by regulations--will file for bankruptcy

Sunset, Arches National Park
Not even "green energy," a favored caste in the Obama administration's liberal hierarchy, can survive burdensome regulations.

From ABC News:

A California solar panel manufacturer which President Obama had made the poster child of his effort to expand the green economy and grow jobs has filed for bankruptcy, the company announced today.

Solyndra said "global economic and solar industry market conditions" forced it to abruptly shutter its Fremont, Calif., factory and immediately layoff more than 1,100 employees.

"Regulatory and policy uncertainties [emphasis mine] in recent months created significant near-term excess supply and price erosion," Solyndra president and CEO Brian Harrison said in a statement. "Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate."
"Less than a year ago, we were standing on what was an empty lot, Obama said of the Fremont factory. "But through the Recovery Act, this company received a loan to expand its operations."

But despite the stimulus cash, the sun has set on Solyndra.

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