COLUMBUS, Ohio ? The state of Ohio is ordering a fledgling solar energy company to repay $5 million because it defaulted on a taxpayer-supported loan.
The Columbus Dispatch (http://bit.ly/Q89dDc) reports that Perryburg-based Willard & Kelsey Solar Group failed to make payments on the loan and struggled to get financial investments.
The Ohio Air Quality Development Authority called the loan due Thursday and ordered repayment by Sept. 3. The Ohio Department of Development called a separate loan to the company due this month.
In addition to the loans, Willard and Kelsey also got nearly $700,000 in state grants and a 10-year job-creation tax credit.
State officials said the infant solar industry has been battered by a poor economy and a Chinese effort to flood the overseas market with cheap panels.
Source: http://www.journalgazette.net/article/20120824/NEWS11/120829711/-1/NEWS09
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