PORTLAND, Ore. (AP) — A solar power company that won Oregon government incentives to manufacture solar panels in Portland has missed its second payment in as many months on a $10 million loan.
The Oregonian reports state officials are drafting a notice of default to SoloPower Systems Inc. But its president, Robert Campbell, said in an email to the paper Thursday that fundraising is progressing and it expects to comply with loan terms shortly.
The Oregon Energy Department asked state attorneys to write the letter of default so the state could foreclosure on the factory. It shut down in June, less than a year after a ribbon-cutting ceremony.
SoloPower got the $10 million loan and $20 million in tax credits from state and local agencies to move from San Jose, Calif.
Information from: The Oregonian, http://www.oregonlive.com
Copyright 2014 The Associated Press.