The U.S loan guarantee program, a bad bet

 

By Andrés Moreno

Mauricio Guzman

                During the president Obama´s administration, near 38.5 billion dollars, where given to the Energy Department, in order to be split into some winner programs for renewable energy projects, like the Solyndra’s one, which became into president Obama´s administration strongest card, acquiring a federal loan for half of a billion, but that last month, fill for bankruptcy and turn into one of the attack points for the Obama´s administration.

                The Solyndra head executives, which were called by the congress of the U.S to talk about what have had happen with their bankruptcy when two months before they said that their incomings where doubling to a committee of the Energy Department, take the fifth and remain quiet, making some congress man fell mad about it.

                Several where the projects, proposed for the loans offered by the government, that finally where turn down by the enterprises which propose them.  As the Solar Trust project, which was going to obtain a loan of 2.1 billion dollars, to develop a solar thermal plant in the California desert, but that was turn down by the chief executive Uwe. Schmidt because he said it was too risky.  Even though, this decision make Solar Trust to appear into the world market because not everyday an enterprise obtains the largest guarantee loan and turn it down.

                These loans negotiations where supposed to end by September 30, and so far they have not been able to split the 38.5 billion dollars which where supposed to be delivered to the renewable energy projects, and is the reason why right now most of the deals that are being negotiated where finish, due to the close deadline.  As Steven Chu the Energy Secretary said.