A four-year investigation has concluded that officials of the solar company Solyndra misrepresented facts and omitted key information in their efforts to get a $535 million loan guarantee from the federal government.
The company’s collapse soon after getting federal backing provided ammunition to lawmakers and other critics who portrayed it as wasteful government spending. The company’s failure likely will cost taxpayers more than $500 million.
The report by the Energy Department’s inspector general was released Wednesday. It’s designed to provide federal officials with lessons learned as it proceeds to grant billions of dollars in additional loan guarantees. The inspector general found fault with the Department of Energy, describing its due diligence work as “less than fully effective.” The report also said department employees felt tremendous pressure to process loan guarantee applications.