Approval of the No More Solyndras Act
July 25, 2012 WASHINGTON - Today, the U.S. House Committee on Energy and Commerce Subcommittee on Energy and Power Subcommittee approved the No More Solyndras Act by a vote of 14-6. Rhone Resch, President and CEO of the Solar Energy Industries Association® (SEIA®), issued the following statement on the discussion draft:
"Both Congress and the administration have identified ways to improve the Department of Energy Loan Guarantee Program. Unfortunately, the provisions approved by the subcommittee today simply ‘throws the baby out with the bathwater.'
"The loan program has been utilized on a bipartisan basis to leverage private capital to promote transportation, health care, education, housing and energy infrastructure policies. The provision in the discussion draft that sunsets DOE's loan program would hinder our nation's ability to develop innovative energy infrastructure projects.
"The loan guarantee program has yielded notable successes. In solar alone, the program is providing crucial financing to support the construction of 11 utility-scale solar power plants in the Southwest that will produce 2,700 megawatts of safe, clean power – enough to power 630,000 homes. These are financially sound projects with guaranteed revenue streams.
"Moving forward, the solar industry remains willing to work with Congress and the administration in a constructive manner to improve the DOE Loan Guarantee Program."
The U.S. solar energy industry employs 100,000 Americans at more than 5,600 companies, mostly small businesses, across the nation in all 50 states.
Established in 1974, the Solar Energy Industries Association is the national trade association of the U.S. solar energy industry. Through advocacy and education, SEIA is building a strong solar industry to power America. As the voice of the industry, SEIA works with its 1,100 member companies to make solar a mainstream and significant energy source by expanding markets, removing market barriers strengthening the industry and educating the public on the benefits of solar energy. www.seia.org.