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Feds investigate solar firm that got $535 million US loan
Posted: Sep 8, 2011 2:47 PM by Matt Stafford
FREMONT, Calif. (AP) - The FBI isn't offering any details about the investigation that led to today's raid on the headquarters of a California company that makes solar panels.
The company, Solyndra, received more than $500 million in federal loan guarantees before filing for bankruptcy last week.
Today, agents executed search warrants at the company's headquarters. A company spokesman says agents were collecting documents -- but that the company didn't know the reason for the search.
He says the assumption was that it was related to the loan guarantees -- part of the $862 billion economic stimulus plan. The guarantees have been the subject of a probe by Republicans for months.
Like other companies in the nation's solar energy industry, Solyndra has faced declining prices for panels -- partly because of heavy competition from China.
Last year, President Barack Obama visited the company, saying it represented the future of U.S. renewable energy innovation.
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