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Solyndra and the DOE Loan Guarantee Program

September 14, 2011

The Subcommittee on Oversight and Investigations held a hearing on Wednesday, September 14, 2011, at 9:30 a.m. in room 2123 of the Rayburn House Office Building.  The hearing was entitled “Solyndra and the DOE Loan Guarantee Program.”  

Background Memo

Supplemental Memo: The Solyndra Story

The Solyndra Story - Slideshow

Opening statement from Oversight and Investiagtions Chairman Cliff Stearns

Opening statement from Energy and Commerce Chairman Fred Upton

Watch the Archived Webcast

Witness List

Jeffrey Zients
Office of Management and Budget
Deputy Director
Witness Testimony (Truth in Testimony Form)

Jonathan Silver
Executive Director 
Department of Energy Loans Programs Office
Witness Testimony (Truth in Testimony Form)

The following documents were entered into the hearing record by unanimous consent:

·January 9, 2009 - Solyndra DOE Credit Committee Recommendation - "(R)ecommendation for approval premature"

·January 13, 2009 –  E-mail between DOE staff regarding "Solyndra meeting" - "(I)t was the unanimous decision not to engage in further discussions with Solyndra"

·January 26, 2009 –  E–mail between DOE staff regarding "Solyndra Analysis" - "As we are approaching the beginning of the approval process for Solyndra again…"

·March 10, 2009 – E–mail between OMB staff regarding "Solar co loan announcement in northern california" - "This deal is NOT ready for prime time."

·August 19, 2009 – E–mail between DOE staff regarding "Solyndra" - "(W)e still have a major outstanding issue. … the project cash balance goes to $62,000.00 in September 2011. … The issue of working capital assumptions has been a major issue repeatedly raised since December (2008)."

·August 20, 2009 – E–mail between DOE staff regarding "Solyndra" - "Certainly, we can't meet with OMB until this is addressed."

·August 20, 2009 – E-mail between DOE staff regarding "Solyndra: Responses to Credit Analysis Questions. "(H)ow can we advance a project that hasn't funded working capital requirements…"

·August 27, 2009 -  E–mail between DOE and OMB staff regarding "Solyndra Closing Date" - "Could you confirm whether there are any issues regarding a closing on Sept. 3 for a Sept. 4 VP event on Solyndra?"

·August 27, 2009 – E–mail between OMB staff regarding "Final Solyndra Credit Subsidy Cost" - "(W)e also need to make sure they don't jam us on later deals so there isn't time to negotiate those, too."

·August 31, 2009 - E–mail between OMB staff and Terrell McSweeny, Domestic Policy Advisor for VP Biden, regarding "DOE Announcement" - "We would prefer to have sufficient time to do our due diligence reviews and have the approval set the date for the announcement…"

·August 31, 2009 – E-mail between DOE and OMB staff regarding "Solyndra Update" - "Our concern on the press side is that this leaks out before the OMB portion is cooked – if there is any way to accelerate…"

·January 31, 2011 - E–mail between OMB staff regarding "Solyndra optics" - "If Solyndra defaults down the road, the optics will arguably be worse later than they would be today."

U.S. Representative Fred Upton

U.S. Representative Joe L. Barton

Congressman Fred Upton has represented the commonsense values of southwest Michigan since 1987. In 2010, Fred was selected by his House colleagues to serve as Chairman of the Committee on Energy and Commerce. Read More»;