DoE Loan Program Turning Profit

Remember all the Republican propaganda about the collapse of Solyndra?  Remember all the blame that was heaped on the Obama Administration by Fox News for the Department of Energy renewable power loan program that was created by a Republican majority Congress and the Cheney administration?

Well, guess what?  The program is a big success.  Here’s how a new NPR report describes the program now:

Overall, the agency has loaned $34.2 billion to a variety of businesses, under a program designed to speed up development of clean-energy technology. Companies have defaulted on $780 million of that — a loss rate of 2.28 percent. The agency also has collected $810 million in interest payments, putting the program $30 million in the black.

When Congress created the loan program under the Energy Policy Act of 2005, it was never designed to be a moneymaker. In fact, Congress imagined there would be losses and set aside $10 billion to cover them.

Looks like Solyndra was just a minor blip and the Obama Administration has again rescued a floundering Cheney project.

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