Taxpayers to Lose Millions in Possible Sale of Solyndra

One of Barack Obama’s flagship companies for his push for green energy and green jobs is about to cost the taxpayers several hundred million dollars.

In 2008, Solyndra donated $82,000 to the Obama campaign.  In 2009, they are awarded a $535 million taxpayer guaranteed loan for the construction of a new plant to produce solar panels.  In May, 2010, President Barack Obama visited Solyndra and proudly proclaimed:

“The promise of clean energy isn’t just an article of faith — not anymore. The future is here.”

According to the latest report, Solyndra cost a total of $738 million including the construction of the building, the land, purchase of equipment and other startup costs.  Barely 15 months after Obama declared this is the site of our future, Solyndra closed their doors and filed for bankruptcy.  If that is our future, as Obama declared, then he seems to be right on course with the bankruptcy of the rest of the nation.

One year after filing for bankruptcy and putting hundreds of workers out of a job, the owners of the company have been trying desperately to sell the building and its assets.  Although several companies have looked into purchasing the Solyndra facility, the only offer made to date was for $90.3 million from Seagate Technologies.  The construction of just the facility was around $300 million, which means the purchase offer is 70% below cost.

Seagate has a 45 day review process which would allow them to back out of the deal if they choose to.  If the sale goes through, it will put the final nail in the coffin of Obama’s energy future and hopefully his career.