Chu rejects allegations of political influence in Solyndra debacle

US Energy Secretary Steven Chu defended his decision to approve a $535m loan guarantee for Solyndra – and a subsequent restructuring that subordinated taxpayer money to that of private investors – during a high-profile Congressional hearing.

Chu also flatly rejected allegations that the loan to the thin-film PV manufacturer was politically motivated during testimony before the House Energy and Commerce Oversight and Investigations Subcommittee, which is probing the loan and restructuring.

“I want to be clear: over the course of Solyndra’s loan guarantee, I did not make any decision based on political considerations,” Chu says.

“My decision to guarantee a loan to Solyndra was based on the analysis of experienced professionals and on the strength of the information they had available to them at the time.”

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