Another alt.energy bankruptcy

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This time it is Sungevity - from the San Francisco Business Times:

Oakland solar company Sungevity lays off 350 as it files for bankruptcy
Oakland solar company Sungevity has filed for Chapter 11 bankruptcy in a Delaware court, after laying off 350 workers and arranging the sale of all its assets to private equity firm Northern Pacific Group.

John Ordoña, vice president of communications for Sungevity, told the Business Times he couldn't provide comment on the layoffs, but a source close to the matter confirmed the job cuts. In January, the company laid off 66 workers, bringing the total number of job losses to 410.

What makes my eyebrow go up is this article from December 13, 2012 The Washington Post:

Solar firms probed for ‘misrepresentations’ in getting public money
Three of the country’s most prolific installers of residential solar panels are under federal investigation to determine if they inflated the cost of their work to increase the payments they would receive from the government, according to government and industry officials familiar with the probe.

SolarCity, SunRun and Sungevity have received subpoenas from the Treasury Department’s office of inspector general for financial records to justify more than $500 million in federal grants and tax credits the firms tapped for performing work. The probe seeks to determine whether the companies accurately reported the market value of their costs when applying for federal reimbursement, which was calculated at one-third of the costs.

The solar companies received money through the Treasury’s $13 billion program, known as the 1603 program, which used funds from President Obama’s stimulus initiative to offer cash grants to clean-energy developers. The goal was to spur the spread of wind farms, solar panels and other clean power sources nationwide.

SolarCity, SunRun and Sungevity have been by far the largest recipients among companies installing solar panels on homes. Working heavily in the sunny states of California and Arizona, the three firms collected hundreds of millions of dollars in federal cash grants to pick up a share of their costs on thousands of home installations during the past three years.

This is just a couple of days after Aquion Energy filed for Chapter 11. Who is next - burning through taxpayer funds like there is no tomorrow...

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This page contains a single entry by DaveH published on March 15, 2017 1:44 PM.

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