Will it turn out worse than Solyndra?:
As failed solar panel manufacturer Solyndra rides through the investigative ringer in Congress, revelations of another politically-connected company that received what appears to be a less-than-virtuous $1.2 billion loan guarantee are surfacing.
The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program’s deadline.
SunPower isn’t as financially sound as the public was led to believe when it secured a loan guarantee twice the size of Solyndra’s $535 million loan. Just this week — less than a month after taxpayers landed on the hook for SunPower’s $1.2 billion loan guarantee — company executives announced that they expect to lower their 2011 earnings projections.
The company also carries $820 million in debt, which is $20 million more than its market capitalization.
House Energy and Commerce subcommittee on Oversight and Investigations chairman Rep. Cliff Stearns is already looking into the company.