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State tries to recoup $10M from closed Ohio firm

TOLEDO, Ohio – Ohio’s attorney general wants to recover more than $10 million from a solar energy company that defaulted on two taxpayer-supported loans.

The state filed two lawsuits Friday seeking the money from Willard & Kelsey Solar Group and its shareholders. A lawyer representing the company declined comment.

The suits stem from loans the company got to buy equipment to make solar panels at its plant in Perrysburg just outside Toledo.

The lawsuits say the company that is no longer operating sought the loans even though they were severely undercapitalized.

In addition to the loans, Willard and Kelsey got grants and a 10-year job-creation tax credit.

The company began in 2007. The Blade newspaper has reported that executives began paying themselves millions and spent money on sporting events and parties.

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Information from: The Blade

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