Solyndra

About Solyndra

Solyndra filed for bankruptcy on September 6, 2011. The solar panel manufacturer had received a 535 million loan guarantee from the Department of Energy. Solyndra designed cylindrical solar panels using copper indium gallium selenide technology. The design was innovative but expensive. When silicon solar panel prices plummeted, Solyndra could not compete. The bankruptcy became a political scandal. Republicans investigated the Obama administration for political favoritism in awarding the loan guarantee. FBI agents raided Solyndra headquarters. Taxpayers lost approximately 528 million. The Solyndra case was used to criticize government investment in clean energy. However, the broader DOE loan guarantee program has been highly successful, with losses representing less than 3 percent of the portfolio.