PORTLAND, Ore. -- The city of Portland agreed six years ago to be a guarantor for half of a $10 million state loan to SoloPower and is now stuck paying $119,000 a month after the company defaulted, according to the Portland Business Journal.
The deal, brokered by former Mayor Sam Adams, was intended to bolster the solar industry while burnishing the city's green reputation.
The company, which makes a unique flexible solar panel, defaulted on payments last fall with $8.1 million owing, according to the Business Journal. The city started making the payments this spring.
The SoloPower plant in North Portland is in "cold idle," the paper reports.
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