Facing ongoing GOP pressure, Committee lawmakers held their third hearing today to discuss the Department of Energy’s (DOE) loan guarantee to Solyndra Inc., a solar panel manufacturer that received a $535 million government loan but recently laid off 1,100 workers and filed for bankruptcy.
The House Energy Committee’s investigation of loans to Solyndra continued with testimony from Treasury Department officials. Gary Burner is the Chief Financial Officer for the Treasury Department branch that provided the loan guarantees.
Recently released emails from February show Mr. Burner had concerns about the Energy Department’s restructuring plan for those loans, which allowed some private investors to be paid before tax payers in the event of a default. The Solyndra loan guarantees were part of a broader program that began during the Bush Administration aimed at stimulating the renewable energy industry.
Executives from the solar power company were on Capitol Hill last month to testify in front of a House Energy Committee. CEO Brian Higgins and Chief Financial Officer Bill Stover invoked their Fifth Amendment right to remain silent and did not answer any questions asked by the members of the committee.
A criminal investigation is currently underway into whether Solyndra misled the government about its financial situation in order to receive a refinancing loan earlier this year.
The company issued a statement that it is “not aware of any wrongdoing by Solyndra officers, directors or employees” related to the loan guarantees and “is cooperating fully” with the U.S. Attorney investigating the bankruptcy.
Brian Harrison, the chief executive of Solyndra stepped down yesterday in the wake of multiple investigations into the company.