In Massachusetts, Evergreen Solar Inc. filed for Chapter 11 bankruptcy protection early in August, completing a stunning reversal of fortune for a high-flying alternative energy company that once seemed to herald a new era for the Massachusetts economy.
The Marlborough company shuttered its manufacturing plant in Devens earlier this year. Massachusetts is one of its top creditors, owed $1.5 million in rent.
When the company filed for bankruptcy, Evergreen spokesman Michael McCarthy said Evergreen just couldn’t respond fast enough as its Chinese competitors built cheaper products.
The price for solar panels has dropped by about 42 percent this year.
Republicans have been looking into the Solyndra loan for months. The House Energy and Commerce Committee subpoenaed documents relating to the loan from the White House Office of Management and Budget. GOP representatives Fred Upton of Michigan and Cliff Stearns of Florida issued a joint statement yesterday saying it was clear that Solyndra was a dubious investment.
It was clear shortly after the company’s disclosure that its bankruptcy would serve as further ammunition to criticize an economic stimulus bill that provided seed money for solar start-ups.
Upton and Stearns said they would continue to seek documents that would provide more details about the Solyndra loan.
In a blog posting, Energy Department spokesman Dan Leistikow said Solyndra was a once promising company that had increased sales revenue by 2,000 percent in the past three years. The $535 million loan guarantee was sought by both the Bush and Obama administrations, he said, and private investors put more than $1 billion into Solyndra.
