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……..]
    http://www.thestreet.com/story/11224917/1/a-huge-housing-bargain–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……..
    http://www.palmbeachpost.com/money/real-estate/palm-beach-countys-surplus-of-upscale-homes-opens-1890346.html?showComments=true

  • 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.

    Slimeballs

  • 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…

    http://www.lawinjustice.com has details about this disturbing case.

  • Mueller

    Nevada Geothermal Power.
    Geothermal.
    Steam from the ground.
    IT’S FREAKIN FREE!
    AND THEY STILL CAN’T MAKE MONEY AT IT!
    I could turn the operation around in two weeks, but I know what I’m doing. Can’t have that.

  • 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….

  • Half was spent on Prince Harry’s party train from San Diego to Las Vegas.

  • Larkin

    #4 Rabble Rouser … Bingo!

    I’ve talked with Geothermal folks in Nevada, (long before the pay for play obama loan).

    Government regulation has made it IMPOSSIBLE for them to make any money at it.

    So how stupid is that? The Gov’t is loaning scads of money to a company that cannot be profitable due to…the frickin’ gov’t.

  • #1AMERICAN

    imagine all this free money wasted on the BS green movement…think of how much money has gone into the commies hands…obumbo included…that will never be accounted for

  • squeaky

    maybe it was never meant to be successful. just passing out the millions….. rewarding all the “friends”.

  • Molon Labe

    How many DOE staffwill go to jail over this?

  • valerie

    What does “politically connected” mean, as used in the New York Times article? Did they answer the question “who”?

    I’m not paying to read anything from the New York Times. They’ve embarrassed themselves by their failure to do adequate their fact-checking too often.

  • Midnight Rider

    Never before in my life have I seen so much money vanish into thin air with no accountability.

    These crooks need to be rounded up and put in prison.

    http://www.commieblaster.com/

  • big L

    The article says that the DOE was touting the $498.5 million dolar loan.Maybe that was a typo as the ollar sign is on the ‘4’…Still like Sen Dirksen said, ” a million here , a million there, pretty soon you’re talking real money”…( It was back in 60’s so a million was real money)

  • big L

    Also I am beginning to think that Green Power is a money-laundering/transfer system.

  • jed

    52-Week High (11/09/10)
    0.89
    52-Week Low (10/03/11)
    0.08

  • archtop

    #22 October 3, 2011 at 1:34 pm
    Larkin commented:

    #4 Rabble Rouser Bingo!

    Ive talked with Geothermal folks in Nevada, (long before the pay for play obama loan).

    Government regulation has made it IMPOSSIBLE for them to make any money at it.

    So how stupid is that? The Govt is loaning scads of money to a company that cannot be profitable due tothe frickin govt.

    That sound very plausible. It will be interesting to see how many other government-supported “green” companies fail because their costs skyrocket from burdensome government regulations. Karma…

  • Patty #7 is right, first he gave Piglosi money for a company that I think one of her relatives were involved in……Now more that went out to Nevada Prince Harry’s state… C’mon WTF…NOT a coincidence, Where in the #$@# are the investigations???????????

  • jed

    “I’m pleased that Recovery Act financing is helping Nevada Geothermal Power to create jobs in northern Nevada and bringing us closer to energy independence,” said Senator Harry Reid.

    http://www.nevadageothermal.com/s/News.asp?ReportID=417364&_Type=News&_Title=Announces-US98.5-Million-Financing-Closed-with-John-Hancock

  • Black Sabbath

    This is not news. What’s news is whether Rick Perry looked at a rock with a bad word on it back in the eighties.
    Or something.

  • Valerie

    #34 October 3, 2011 at 3:08 pm
    Black Sabbath commented:

    What’s news is that Rick Perry’s daddy painted out graffiti on a rock back in the 80s.

    In some places, he’d be given credit for getting rid of the ugly word.

  • kansas

    Only 98 million? Obviously a pittance.

  • These so called green companies are being use to set-up a slush fund for Obama re-election campaign……..

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  • BarbaraS

    Everything is going according to plan. Give these marxists tax payer money for bogus “green” crap and in a few months go belly up. What happened to the money? These donors who contribute to obama’s campaign got to keep most of it after donating some to obama’s campaign. I’ll bet this will all come out in the future. We knew he was giving stimulus money to his cronies and this is the proof. How many “green” companies going bankrupt does this make? Watch how many will do so after this.

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  • Don Rodrigo

    What gets me is that the U.S. and Canada are, according to recent reports and developments, sitting on the largest untapped deposits of hydrocarbons in the entire world, barring none.

    How unbelievably stupid is our political/bureaucratic situation? We can become the new leviathan of energy, with likely incredible benefits to our economy, and we have a bunch of corrupt dootbrains standing in our way.

  • there have been quite a few of these stories on gateway pundit in the last two years. green energy companies funded with american workers income and then either going out of business or moving to china. i wish we could get a list of them.

    i wonder if this company ever had a chance of becoming a going concern or was it a scam to get federal funds.

    two things i would like to know: 1… did anyone on the executice board raise campaign funds for obama.
    2… did any of the money find its way into the coffers of the democratic party.

    these green companies are very reminiscent of the poverty pimps of the 1960’s and 1970’s.

  • Barb

    I am sooooooooo sick of this bull$hit and we sit here doing nothing. We should be sitting in DC and not leaving until he is removed from office. How much more do we put up with?

  • Nelle

    I want the money back. Anyone who profited, including the DNC, owes us money. These are the millionaires who aren’t paying their fair share.

  • Mad Hatter
  • SandyfromChesterfield

    Will that irritating commercial of that young boy now be taken off of the air?

  • AuntieMadder

    My expectations are so low that I’m glad to learn of where another little chunk of Porkulus was spent.

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  • Ya Think

    I was wondering just how many more wells they were going to dig. Less than 5 miles from my house there are 5 new welll and of course a geothermal plant within about 20 or so miles. I couldn’t figure out what was going on, but now I know. thanks,

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  • John Stewart

    These idiots don’t have the brains of an amoeba. First they throw our money at their political friends, then shut down fossil fuel plants, everywhere they find one. They screw over the auto industry with technology they know nothing about. After all this they want us to say gee thanks. This whole fiasco is a new shortcut to the socialist empire the progressives have wanted all along. I wonder why they picked Nevada, what do you think Harry?

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  • Jennie Walsh

    Meyor Rothschild, one of the head honchos of the international bankster-gangsters, said, “Give me control over a nation’s money and I don’t care who makes its laws”. These bankster-gangster crime bosses set up the illegal, unconstitutional, deceitful, treacherous, abominable, depicable, racketeering, lying, thieving, counterfeiting Federal Reserve and the IRS almost 100 years ago and have been controlling, plundering and stealing America’s wealth and property ever since. The IRS and Federal Reserve are literally DICTATORSHIPS over the America people.

    Ron Paul is the ONLY presidential candidate who understands this. He is the ONLY candidate who is honest and has always voted 100% in accordance with the supreme law of the land, the constitution. In other words, he has never broken his oath of office. He is dangerous to the sly, thieving agendas of the crime bosses. The mainstream media is owned and controlled by the crime bosses and they hate and fear Ron Paul so any of the little attention that the mainstream media gives him is skewed and negative. Ron Paul wants to abolish the Federal Reserve and restore HONEST MONEY to the American people. He realizes that the crime bosses murdered both Lincoln and Kennedy for trying to restore HONEST MONEY to America. I hope that you will do whatever you can to promote Ron Paul as president of the USA. All the other candidates’ so-called “economic solutions” are akin to rearranging the deck chairs on the Titanic.
    STOP THE TAXING AND STEALING!!!! The criminal bankster-gangsters (secret servants of Satan) have gotten their puppets into almost every position of power, control, influence, ownership and governmental position at every level throughout America and the world.

  • LIPatriot

    Once again we see what happens when the govt gets there hands on the economy. Surprisingly, geothermal is an alternative energy that’s viable under certain circumstances unlike the phony tax payer funded solar, wind and biofuel “industries”

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  • Winston Smith

    HEY, YOUR MAJESTY!!! I got this GREAT idea for perpetual motion production of electricity … gimme … say … two hundred million dollars and I’ll slip some of it back under your door just like the others!