FBI Agents posing as federal inspectors from the Department of Energy (DOE) raided the offices of Solyndra only days after the company filed for bankruptcy. An FBI spokeswoman has confirmed the raid, but refused to divulge any more details regarding the operation.
The Department of Energy’s inspectors office usually investigates businesses that they believe are committing fraud.
After Solyndra filed for bankruptcy, they closed their solar panel plant in Fremont, California. The reason the company cited for its bankruptcy was that silicon solar panels have been exponentially dropping in price. For years Solyndra had some of the most advanced solar panels in the industry. However, as rival’s technology became cheaper and more efficient, Solyndra has not been able to compete.
The company’s factory was built on a $535 million loan from the Department of Energy. President Obama said that this venture had the opportunity to help aid the United States in shifting from a fossil fuel driven country to a nation that depends on renewable energy more.
Many have been skeptical of Obama’s “Green Job Plans” from the start. ”The FBI raid further underscores that Solyndra was a bad bet from the beginning and put taxpayers at unnecessary risk,” House Energy Chairman Fred Upton told the National Journal on Thursday. “President Obama’s signature green jobs program went from a darling of the administration to bankruptcy to now the subject of an FBI raid in a matter of days.”
According to the Department of Energy, Solyndra’s bankruptcy will not affect the other businesses involved in the loan guarantee program. The Department of Energy has spent nearly $40 billion dollars on this program. Their ventures have been anything from solar power to nuclear power.