According to Reuters, the Department of Energy (DOE) has canceled some of the Biden administration's billions of dollars in loan guarantees to green energy companies facing financial instability and a history of so-called misconduct. [emphasis, links added]
In 2023, Biden Doe announced a $3 billion partial loan guarantee to Sunnova Energy, which provides solar panels and EV chargers to promote its broader green energy agenda.
Trump’s Duo Nong canceled loan guarantees on Wednesday, hitting Sunnis, who have been accused of depriving senior customers in the past because it drove in financial struggles, According to Reuters.
At the time of the announcement, Biden Doe guarantees were considered the government's largest loan commitment to a solar company.
Sunnova reviews patients suspected of using dementia by signing expensive long-term solar panel contractsWashington Free Beacon reported in November 2023.
During the Lea Duck period of Biden Administration, the DOE's Loan Program Office (LPO) (the office that reached an agreement with Sunni) extended tens of billions of dollars in new loans.
Critics questioned the efficacy of LP companies, saying the office supports suspicious businesses that may not survive in a competitive market with taxpayer fees.
Additionally, LPO director Jigar Shah, under the Biden administration, has been criticized for providing taxpayer-funded loans to companies he helped to establish before working for the federal government.
In March, Sunnova expressed “substantial doubts” about its ability to continue operations, due to insufficient cash flow and high interest rates.
According to Bloomberg News, the company had received about $371 million in guarantee funds before withdrawing its guarantees.
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