"The funds represented by investments that have failed represent less than 3 percent of the total portfolio," Silver said in written testimony for the House committee hearing.
"This is a record the private sector would consider remarkable, but is particularly impressive for a portfolio of technologically innovative projects being built at commercial scale for the first time anywhere," said Silver, who is now a visiting fellow at the Third Way think tank.
Silver left the Energy Department last October after the loan guarantee program doled out the last of its funding from the stimulus act of 2009, and as Republicans stepped up their probe into the failure of Solyndra, which received $500 million in federal funding.
Silver joined the department after the Solyndra guarantee was awarded, but he was in charge when the government agreed to restructure the debt as the company ran out of cash.
Frantz also strongly defended the administration's management of the loan program.
"The troubles of some segments in the solar manufacturing market should not overshadow the great work that the department's loan programs have done to date, or the need to continue to find ways to support clean energy deployment in this country," Frantz said. (Editing by John Wallace)
- Link this
- Share this
- Digg this
- Email
- Reprints
0 comments:
Post a Comment