Solyndra executives to testify before House panel next week

Top executives from the now-bankrupt solar company that received a $535 million loan guarantee from the Obama administration have agreed to testify before a House panel next week.

The Solyndra executives will face tough questions from Republicans on the House Energy and Commerce Committee, who have pounced on the company’s bankruptcy, alleging that Obama administration officials missed a series of red flags that should have alerted them to the company’s financial troubles.

White House Office of Management and Budget Deputy Director Jeffrey Zients and Energy Department Loans Programs Office Executive Director Jonathan Silver will testify Wednesday before the committee’s subcommittee on Oversight and Investigations.

The Solyndra executives — President Brian Harrison and CFO W.G. Stover Jr. — were originally scheduled to testify at Wednesday’s hearing, but they asked to reschedule until next week.

"Given the timing for the hearing, legal complexities arising from last week’s activities and the urgency of the Bankruptcy proceedings, Brian Harrison and Bill Stover will not be able to appear at tomorrow’s hearing before the Subcommittee on Oversight and Investigations in Washington, D.C," the company said in a statement. "The Company is in direct communication with the committee staff and working with them on a future date for Mr. Harrison and Mr. Stover to voluntarily appear."

Rep. Cliff Stearns (R-Fla.), chairman of the subcommittee, told reporters earlier Tuesday that the executives have agreed not to plead the Fifth Amendment during questioning next week.

Stearns and other Republicans on the Energy and Commerce Committee are conducting an investigation into the Solyndra loan guarantee. Republicans on the panel voted in July to subpoena OMB for documents related to the loan guarantee. Though OMB ultimately complied with the subpoena, House Republicans are now pressing the White House for more documents.

Stearns hinted Tuesday that Republicans would consider subpoenaing the White House again if it does not comply with their latest documents request.

Republicans will broaden the investigation to include Energy Department loan guarantees for other projects, Stearns said.

Solyndra announced late last month that it would suspend its manufacturing operations and lay off 1,100 employees. The company said it intends to file a petition for Chapter 11 bankruptcy protection.

The California-based company received a $535 million stimulus loan guarantee from the Energy Department in 2009 to help finance the construction of a new plant to manufacture solar panels. Republicans have raised questions about the wisdom of the Obama administration’s decision to approve the loan guarantee, citing a series of setbacks the company faced in recent years.

Solyndra announced last year that it would close a plant, lay off employees and delay the expansion of its newest facility. It also canceled plans to go public.

This story was updated at 3:55 p.m.