Thank you for contacting me regarding Solyndra.  I greatly appreciate hearing your thoughts on this important issue.

Solyndra was a solar panel manufacturer founded in 2005.  In September 2011, two years after receiving a $535 million loan guarantee from the Department of Energy, the company filed for bankruptcy.  The Treasury Department is currently investigating the loan guarantee approved for the Solyndra project, as is the Department of Energy’s inspector general.

Like you, I believe we must carefully monitor how taxpayer dollars are spent.  This is particularly important at a time when the annual federal budget deficit exceeds $1 trillion.  While I share your concerns about the loan guarantee awarded to Solyndra, I do not believe this incident is necessarily indicative of the entire Loan Guarantee Program, which has helped many important energy projects move forward in these difficult economic times.  Projects that have benefited from the Loan Guarantee Program include nuclear power plants, biofuels, and smart grid technologies.

As this matter is further investigated, I will be sure to keep your thoughts and concerns in mind.

Again, thank you for contacting my office. It is truly an honor to represent North Carolina in the United States Senate, and I hope you will not hesitate to contact me in the future should you have any further questions or concerns.

Sincerely,

Kay R. Hagan