It’s cloudy skies these days for the solar industry.
Especially for Solyndra, the California solar-panel maker who announced today they will file for Chapter 11 bankruptcy and will lay off their remaining 1,100 employees.
Now, there’s nothing legally wrong nor in my view, morally wrong with declaring bankruptcy; it is a provision under the law for those who have experienced extreme circumstances. But when you are a business that has received hundreds of millions of dollars ($535 Million, to be exact) in so-called stimulus loan guarantees then files for bankruptcy, it should be “lights out” on the case for green jobs.
TheHill.com reports that the Obama Administration may not be learning from its failures. They report that the administration just approved another $852 Million loan guarantee last week to NextEra Energy, another California solar company. The Obama Administration’s solution seems to be if it fails, throw even more money at the problem!