This loan guarantee was pursued by both the Bush and Obama Administrations. Private sector investors – who put more than $1 billion of their own money on the line – also saw great potential in the company. We have always recognized that not every one of the innovative companies supported by our loans and loan guarantees would succeed, but we can’t stop investing in game-changing technologies that are key to America’s leadership in the global economy. These projects, which include more than 40 other companies, are on pace to create more than 60,000 jobs.
Congress recognized the risks inherent in such an effort, and wisely set aside funding to offset any potential defaults or losses. That funding made it possible to support such a broad, promising portfolio of investments, and is significantly greater than the amount that the government stands to lose on this transaction. While we are disappointed by this outcome, we continue to believe the clean energy jobs race is one that America can, must and will win.
The American solar panel manufacturing industry in general has struggled over the last year,
as prices for panels plummeted -- largely due to the rise of manufacturing in China.