NPR featured an in depth report on the Energy Loan Program this morning and it was good news. Initially the GOP had framed the entire loan program around the Solyndra loss, and with the help of FOX News and other media, had many believing the program was a disaster. Then along came the VA, IRS, and Benghazi "scandals", and Solyndra dropped off the radar.
But now it's back, and Republicans aren't saying much. According to the NPR report, no Republicans responded to interview requests.
Still, when the Solyndra case emerged Republicans on Capitol Hill had pointed criticism for the Obama administration. Rep. Steve Scalise, R-La., called the Solyndra case "disgusting" and Sen. Lisa Murkowski, R-Alaska, labeled it "a colossal failure." The conservative group Americans for Prosperity produced a television ad accusing President Obama of paying back campaign contributors.
There was an FBI raid on Solyndra's headquarters and an investigation but so far, no prosecutions. Now that the loan program is turning a profit, those critics are silent. They either declined or ignored NPR's requests for comment
The report notes that out of the $34.2 billion in loans, only 2.28% ($780 million) was lost to default. But:
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.
and
Moniz points to a small company called Beacon Power as an example. It got an Energy Department loan, went bankrupt and defaulted on about $14 million in debt. Today the company is back in business, providing a valuable service to electricity grids and repaying the rest of its loan.
In eastern Pennsylvania, one of Beacon's facilities sits on four acres in an industrial park. Underground are 200 black flywheels that are each seven feet tall, three feet around and weigh 2,000 pounds. They spin faster when storing energy and slow down when releasing it.
and the DOE isn't finished:
Despite early missteps, the Department of Energy is ready to invest in more projects that could advance clean energy technology in the U.S. Moniz says his agency has about $40 billion to lend in coming years.
This is good news.