The bill aims to end the loan guarantee program through the U.S. Department of Energy by preventing DOE from issuing loan guarantees on applications received after the end of 2011, and sets new restrictions on existing applications and loans.
The legislation was in response to the shutdown of Solyndra, a solar manufacturer that filed for bankruptcy in September 2012 after receiving a $535 million loan guarantee from the U.S. Department of Energy.
The U.S. House Energy and Commerce Committee Chairman Fred Upton (R-Mich) co-authored the original bill with Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-Fla). The subcommittee voted 29-19 to pass the bill in August.
"Three failed companies is more than enough reason to declare DOE's loan guarantee program a failure and end it," said Energy and Power Subcommittee Chairman Ed Whitfield (R-Ky). "…Instead of handing out billions in loan guarantees to selected companies, we need sound energy policies that allow the public sector to thrive and create jobs. The No More Solyndras Act is a commonsense solution that will protect taxpayers and encourage a more robust energy future."
The bill now moves on to the Senate.
This article was reprinted with permission from Power Engineering magazine as part of the PennWell Corporation Renewable Energy World Network and may not be reproduced without express written permission from the publisher.
Lead image: Capitol Building via Shutterstock
18 Sep, 2012
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Source: http://www.renewableenergyworld.com/rea/news/article/2012/09/no-more-solyndras-act-passes-the-house?cmpid=rss
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