The Wall Street Journal reports that of the 32 loans made under the Energy Department’s renewable energy loan program, 10 have been put on an internal watch list for being “high risk investments”. Though the Department redacted the identities of the companies on the list, at least one is Solyndra, the failed California solar panel company that went bankrupt last year, and left taxpayers with over $535 million in losses.
The Journal indicates that another member of the watch list may be Prologis Inc., a company approved for $1.4 billion in federal loans about six months ago. Now, the firm says it won’t meet an upcoming deadline.
Here’s why:
Prologis originally intended to use Solyndra’s solar panels. Energy Secretary Steven Chu intervened last summer to help move the loan forward and called the Prologis project “remarkable” when it closed Sept. 30.
What’s remarkable is that Chu’s name isn’t on a White House watch list for seriously mismanaging billions in taxpayer money on failed ventures.
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