Obama's Green Programme that Sparked Solyndra Scandal Turns Profit [View all]
Source: International Business Times
A US government renewable energy programme described by Republicans as "disgusting" and "a colossal failure" has turned a profit for the first time.
The Loans Program Office became a stick to beat President Barack Obama with during the campaigning for the 2012 election, after the solar energy company Solyndra defaulted on a $535m loan it received from the Department of Energy.
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Now, it has reported a profit of $30m, after collecting interest payments of $810m on total loans of $34.2bn, Reuters reports.
The lending programme was borne out of 2005's Energy Policy Act and was designed to stimulate the US' fledgling renewable energy sector. The intention was never to make money but to subsidise an industry that has always struggled to gain commercial financing. An initial $10bn was set aside to cover those losses.
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The US Energy Secretary told NPR that it "literally kickstarted the whole utility-scale photovoltaic industry".
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Read more: http://www.ibtimes.co.uk/obamas-green-programme-that-sparked-solyndra-scandal-turns-profit-1474582
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