Another $98.5 Million Down the Drain… Nevada Geothermal About to Go Bust After Hefty Obama Loan

The US Department of Energy blew $98.5 million on the Nevada Geothermal Power company.
Now the company is about to go bust.

The Department of Energy brags about their 498.5 million loan to Nevada Geothermal Power.

Now, the Nevada geothermal plant is about to go bust.
Thanks Barack.
The New York Times reported:

In a remote desert spot in northern Nevada, there is a geothermal plant run by a politically connected clean energy start-up that has relied heavily on an Obama administration loan guarantee and is now facing financial turmoil.

The company is Nevada Geothermal Power, which like Solyndra, the now-famous California solar company, is struggling with debt after encountering problems at its only operating plant.

After a series of technical missteps that are draining Nevada Geothermal’s cash reserves, its own auditor concluded in a filing released last week that there was “significant doubt about the company’s ability to continue as a going concern.”

It is a description that echoes the warning issued in 2010 by auditors hired by Solyndra, which benefited from the same Energy Department loan guarantee before its collapse in August caused the Obama administration great embarrassment.

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  • Blacque Jacques Shellacque

    The US Department of Energy blew $98.5 million on the Nevada Geothermal Power company.
    Now the company is about to go bust.

    Hey, it’s only taxpayer money…

  • aprilnovember811

    Has this loan been modified also? Don’t you love people like Reid and Obama how they look out for the children? Yet, babies not even conceived will be saddled with their debt. DOE is another Democrat money laundering scheme. I’m sure their are establishment Republicans that have their hands in some of these money laundering schemes also. In addition to making restitution for this theft, these people need to be expelled from Congress and spend time in prison for this looting of the Treasury.

  • bigkahuna

    Hurry up Barry give them your money along with Michael Moore, Al Gore, Maxine Squatter, Barney Fwank, Al Not so Sharpton, Jesseee Love child Jackson, Bill Clinton, John I don’t Kerry and other rich elitest snobs and ignorant jerkoffs like Rosanne Bonehead and Valery Jarret and Franklin Rains.

    Its time to start confiscating the wealth of those that steal the taxpayers dollars and give it to others to waste. Let see how they like risking THEIR MONEY.

  • rabble-rouser

    Probably all the EPA regulations that put them out of business

  • listingstarboard

    So at the same time that the Obama regime has been systematically destroying the coal and oil industries he has been throwing millions of dollars at green energy sources that just happen to either be campaign donors or relatives of other prominent Democrats. The question is how much longer are we going to tolerate this blatant corruption?

  • Black Sabbath

    It’s $98 million now but you watch – after a month of digging on this story it’s going to double, triple, or worse.

  • Patty

    Who would have guess? All of us, we all knew that CA. would be next. And Obama gave our cash to Pelosi’s district for yet another Green project.

    Shouldn’t it be time we kick Obama to the curb. I mean this is utter nonsense continuing to give money on projects that no one in Washington is researching like a bank would do if you are opening a business and need a loan. They aren’t going to give money to bad in many many cases.

    State should have the priority to say Yea or Nay, not government. Government is so big under Obama and so lax when it comes to businesses.

    Shameful and when and where is it going to stop. Failures after failures, Tax payers footing the bill, time after time, no one is thinking with a clear mind. Just throw many after bad and no real solutions to our unemployment and yet, money is flying out the window on a daily basis for more green projects to become bankrupt.

  • Pingback: Yet Another “Green Energy” Failure To Cost Taxpayers Money | The Zombie Gazette()

  • squeaky

    the interest was probably not on a viable business as much as transfering those millions into party favorites wallets. when they talk about an end result that’s far enough down the road to give them a speedy get-away. by the time you realize you’ve been hoodwinked, you are either dead or unable to remember the cast of characters who fleeced you.
    [These homes, which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value. You and I will not be allowed……..]–but-not-for-you.html

  • Prof_Saiga12

    98 Million here; 533 Million there . . .

    It’s hard to think of a time in our history when so much corruption has been gathered together at one time.

    Maybe that’s a good thing: If we can flush out of the rat holes and fumigate in 2012, we can walk down Pennsylvania Avenue and NOT be so embarrassed by the stench.

  • dmandman

    How did they manage to fail??? Geothermal is a known technology and has been implemented for years. All you need is water to go into the hot vent and a turbine to use the steam (which is re-cycled thru condensers). The hot spots that provide enough heat to be cost effective are kind of rare. But that should have been shown in the geologists report to the investors indicating the depth and physical area of the plume. All in all, this must of been a combination of too green spent to be green for their own good and gross exaggeration of the resource. It’s like “salting” a silver mine…and people have been known to go to jail for that. I guess if you are a friend of Barack you can say anything and get away with it.

  • FurryGuy

    Barry and his Merry Band of Marxists sure have a knack for picking losers that show this series of government loans is just a crude money laundering scheme.

  • FurryGuy

    How much of the US$98B did Harry Reid get in kickbacks? How much has been funneled to Dem supporting management at this plant?

  • JPeden

    its collapse in August caused the Obama administration great embarrassment.

    Huh? Looting the people is the Commie Business Model for “success”. After all, if the evil Capitalists allegedly rip the profit off the backs of the workers, why can’t the psychoderanged Commie parasites rip the profit off everyone’s back, born or not yet?

    Equality and Social Justice!….swoon….they’re sooo smart!

    Is it even possible that the Useful Idiots of old were as dumb as today’s Progressives?

  • squeaky

    i saw a bit about an individual who bought some foreclosed homes [nice – not run downs]. if not mini-mansions close. he’s renting them out to sec 8. couldn’t find the same individual but that thought has crossed others minds……..

  • bigkahuna

    Seems like we need to change the rules… Anyone giving out money( taxpayer money) should have their pay related to the success of these firms that get cash. If they lose money so does the person authorizing it.

    I hate how they rushed to get rid of $5 billion allocated from the stimulous failure.. Typical Govt thinking….Use what was given no matter the neeed or reasonaing We wont get it back and wont get more next year if we dont use it.


  • plainslow

    Solyndra 500 mill, and this 98 mil. Isn’t that about 1/3 of what Obama is trying to cut the next 10 years from the budget. Pretty darn easy. Stop doing this.

  • Steven

    I commented about this earlier, but it’s worth restating that cronyism and corruption is leading to the demise of our nation. Solyndra and this company are just the tip of the corruption iceberg in our country.

    Consider another recent case in Texas involving a business owner. The business owner was involved in a civil dispute and paid millions of dollars to lawyers, and when he objected to their fees, they had a “friendly” judge seize all of his property, without any notice or hearing, and essentially ordered him to be an involuntary servant to the lawyers. The business owner has been under this “servant” order for 10 months and is prohibited from owning any possessions, prohibited from working, etc… has details about this disturbing case.

  • Mueller

    Nevada Geothermal Power.
    Steam from the ground.
    I could turn the operation around in two weeks, but I know what I’m doing. Can’t have that.

  • http://gatewaypundit Cutlers bad knee

    Wow this Titanic is hitting more than 1 iceberg, you could say the faster King Putt bails the faster the ship sinks, its time to give the mayday orders Captain Stuobing….