FirstSolar, Gets $1.46B Loan Guarantee, Lays-off 2,000 More Workers, Shutters Plants!

Last September, First Solar made the news when it was revealed that it received $455Million in Obama DoE loan guarantees to sell solar panels to itself.
Obama Allows Taxpayer-Supported First Solar to Buy Their Own Solar Panels

Shortly thereafter, it laid off 100 California workers.

In December, First Solar laid off 100 employees at a Santa Clara , Calif., plant. The DOE has committed $1.46 billion to a project in Riverside County, California expected to create 15 permanent jobs and 550 construction jobs.

campaign2012.washingtonexaminer.com...

Today, First Solar announced the closing of 4 production lines in Malaysia and another in Germany. It will lay off 2,000 workers in the process.

First Solar, a solar energy company that received a $1.46 billion loan guarantee from the Department of Energy, announced today that it will layoff 2,000 workers in the United States and world-wide.

The company will "indefinitely idle" four production lines in Malaysia and shutter a plant in Germany. "These actions, combined with other personnel reductions in Europe and the U.S., will reduce First Solar's global workforce by approximately 2,000 positions.

DOE-backed solar company lays off 2000

If it wasn't an outright fraud to provide the money to buy its own panels, how does the Obama administration explain a total of $1.46 Billion in loans, grants and guarantees to employ Germans and Malaysians?

Here's the company's own announcement:

First Solar Restructures Operations to Align With Sustainable Market Opportunities


Frankfurt (Oder) Manufacturing Facility to be Closed;

Four Production Lines in Kulim, Malaysia, to be Indefinitely Idled;

TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (NASDAQ: FSLR) today announced it is restructuring its operations in response to deteriorating market conditions in Europe and to reduce costs and align its organization with sustainable market opportunities.
As part of this program, First Solar will close its manufacturing operations in Frankfurt (Oder), Germany, in the fourth quarter of 2012. Additionally, the Company will indefinitely idle four production lines at its manufacturing center in Kulim, Malaysia, on May 1, 2012.
These actions, combined with other personnel reductions in Europe and the U.S., will reduce First Solar's global workforce by approximately 2,000 positions.

First Solar News Releases

Can someone please explain how we got here and where this is all going?

jw

reply to post by jdub297
If the foregoing isn't bad enough to turn your stomach, here's a list of the "green" projects that Obama and Chu have funded that have gone bankrupt, are going under, or are seriously in trouble:

Just for a bit of perspective, here's a handy-dandy list of the other green energy companies supported by President Obama's grandiose stimulus plans that are either bleeding money or have already filed for bankruptcy... that we know of:

Evergreen Solar
SpectraWatt
Solyndra (received $535 million)
Beacon Power (received $43 million)
AES’ subsidiary Eastern Energy
Nevada Geothermal (received $98.5 million)
SunPower (received $1.5 billion)
First Solar (received $3 billion)
Babcock & Brown (an Australian company which received $178 million)
Ener1 (subsidiary EnerDel received $118.5 million)
Amonix (received 5.9 million)
The National Renewable Energy Lab
Fisker Automotive
Abound Solar (received $400 million)
Chevy Volt (taxpayers basically own GM)
Solar Trust of America
A123 Systems (received $279 million)
Willard & Kelsey Solar Group (received $6 million)

DOE-Backed Solar Company Lays Off Workers. Is There an Echo in Here?


This is theft and a travesty. Is there going to be an end?

jw

Another case of human beings making terrible decisions and letting greed drive interests.

reply to post by jdub297


F&S

titles wrong

should read:
douche- in-chief slips his criminal friends another $1.46B looted from the treasury

makes you wish the POSUS really is a moslem
under sharia law he'd have both hands cut off
as well as his tongue

Seems like money laundering to me. I think there is a lot of that in Chicago politics.

reply to post by jdub297


Follow the money! The US marched out $1.46 billion, I wonder how much the German and Malaysian governments funded? You have to know how it works. It goes something like this... I get $1.46 billion from the US, that money is now mine and I can use it to lever other deals. So I go to the German and Malaysian governments and say, hey I am will to put up 50% if you are and I'll employ a bunch of your people and help develop your export markets. The foreign governments like that idea and pitch in between them another $1.46 billion or so. Now the company has actually had $3 billion in funding (but probably more like $4.5 billion), where did it go?

I've done a lot of manufacturing and research deals, in some rare cases, you only have to have 10%, in most it's more like 35%. Work those numbers and it just gets scary. Regardless, where is the money? They're lucky I'm not president, I'd have the CIA and other Jackals on their case in a heartbeat and water-boarding would seem like a walk in the park.

If individuals that make decisions about their own spending are supposed to be held accountable, then individuals who control the spending of corporations should also be held accountable.

One ef'ing rules fits all or it fits none.

Cheers - Dave

I might be concerned if this was only happening to companies that had loans from the DoE but it's a market wide trend, two other major solar companies are scaling back as well, SunPower and BrightSource Energy.

Recently congress found that China has been illegally subsidizing it's solar industry and doubled the tariffs on Chinses solar panels coming into the US.

It's been an unfair global market thanks to the Chinese.

Yeah, this green energy plan being spearheaded by the government is turning out to be more of a sham everyday. It kind reminds of how the mob works. They buy into a business, rack up the bills, and bust the place out. Here is a scene from the movie "Goodfellas," and it is eerily similar to what is going on with all these green companies going bust.

Viewer discretion advised. Harsh Language!


Now, for those who watched the scene. Tell me that is not what is going on with all these green corporations? We are talking about pocket money, but millions upon billions of dollars being fleeced from the taxpayer. I would like to know how much money has been donated to the President's campaign by these companies or their CEO's? Lets see what kind of personal relationships they have with the President or his cabinet? Another poster mentioned that it sounds a lot like money laundering? It looks a heck of a lot like it too me. Government loan or grant to company and it comes out on the other hand as money for campaigns or personal slush funds. Welcome to Illinois politics on a national scale. Pay to play, crony capitalism, bribes, kickbacks, and the whole grafting smorgasbord.

reply to post by links234


Ummm, $1.46 billion to one company, for the purpose of purchasing it's own product, doesn't fall into the category of "subsidizing"?

reply to post by Oaktree

From what I've read, only $455 million of the Ex-Im Bank's guarantee was for the non-sale.
I think the rest was to make sure the parent company stayed in business long enough to pay its owners enough to "contribute" to the candidate(s) of their choice. Or the candidate-in-chief.

jw

Have people forgotten what the hell " conflict of interests " means anymore.

I mean come on...

A few of us peons have tried to swindle fractions less and are sitting in a federal jail somewhere.

Looking at a class 1 felony with 30 years.

This has crossed the line of thievery a few miles ago....

Its just a bad economy for solar manufacturers right now. There are a glut of panels on the market, so factories are going offline for a while. First Solar is almost finished with a new factory in Mesa Arizona, but will not start up production as planned due to limited demand. These companies will probably lay low until 2014. Thats when hiring in this industry will probably begin to pick up.

Originally posted by ProtectedWitness
Its just a bad economy for solar manufacturers right now. There are a glut of panels on the market, so factories are going offline for a while. First Solar is almost finished with a new factory in Mesa Arizona, but will not start up production as planned due to limited demand. These companies will probably lay low until 2014. Thats when hiring in this industry will probably begin to pick up.

Your "industry" only exists because it thieves from the taxpayers and taxes the hell out of oil.

Originally posted by Zaanny

Your "industry" only exists because it thieves from the taxpayers and taxes the hell out of oil.

edit on 18-4-2012 by Zaanny because: (no reason given)

edit on 18-4-2012 by Zaanny because: (no reason given)

Its not my industry. I work for a defense contractor that spends much more tax dollars than a small solar company could even fathom. But if you think its theft, you should contact your local DA and file a complaint.

Originally posted by jdub297
Last September, First Solar made the news when it was revealed that it received $455Million in Obama DoE loan guarantees to sell solar panels to itself.
Obama Allows Taxpayer-Supported First Solar to Buy Their Own Solar Panels

Shortly thereafter, it laid off 100 California workers.

In December, First Solar laid off 100 employees at a Santa Clara , Calif., plant. The DOE has committed $1.46 billion to a project in Riverside County, California expected to create 15 permanent jobs and 550 construction jobs.

campaign2012.washingtonexaminer.com...



jw

edit on 17-4-2012 by jdub297 because: (no reason given)

And You're surprised? You must be new to my timeline well welcome neighbor! LMAO...

I don't like it, but to be honest I would much rather see it thrown away/stolen this way than to give $1,500,000.000 to the muslim brotherhood.