FAIL. Another Obama-Funded Solar Company Goes Bust – Taxpayers Lose $2 Billion?

Another Obama-funded solar company goes bust.

President Barack Obama tours a solar power generation facility in Arcadia, Florida Wednesday (Photo:WhiteHouse.gov).

Solar Trust filed for bankruptcy protection on Monday. The company has held rights for the 1,000-megawatt Blythe Solar Power Project in the Southern California desert, which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy.
Reuters reported:

Solar Trust of America LLC, which holds the development rights for the world’s largest solar power project, on Monday filed for bankruptcy protection after its majority owner began insolvency proceedings in Germany.

The Oakland-based company has held rights for the 1,000-megawatt Blythe Solar Power Project in the Southern California desert, which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project.

Solar Trust said it ran short of liquidity after Solar Millennium AG (S2MG.DE), which holds a 70 percent stake, sought court protection in December.

Taxpayers could lose $2 billion.
But what’s another $2 billion among friends anyway?

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  • pink tie Republican

    Barry should change hias Twitter feed name to “No Limit Barack”.

  • Vixen

    Taxpayers lose $2 billion, but I’d be willing to bet BHO’s re-election campaign gains it….

  • Redlite

    Is any body suprised by this? Alternative energy use in the country amounts to less than 1/2% of the total used. The Obama energy program is a total command centric bust. He has waisted so much of our money.
    The dirty little secret that no one is looking into is. How much money from these failures, Solyndra and the like is going into the Obama Reelection campaign?

  • Earthmover

    It doesn’t matter as long as the management gets their bonuses.

  • lizzy84
  • Larkin

    All those billions being funneled into o’s campaign (along with billions of illegal foreign $$$)?

    Don’t worry. The Justice Department is ON THE CASE!

    /

  • iirc they were approved but turned down the loan in LATE 2011.
    can someone confirm/deny that?

  • democraps suck

    how much you bet that every single solar company going bankrupt that there has been a slush fund going right back to obummer’s secret bank account

  • Bob in VA

    Check PowerLine today. The company turned down the DOE loan. Taxpayers dodged a bullit.

  • Dewey
  • Hey, it’s only $2 billion; not like it’s real money or anything!

  • NeoKong

    The guy has the Midas touch.
    Gee….I wonder where all the money will end up.
    If we only knew.

  • cal rifkin

    I guess nobody gives a sh!t, the media doesn’t cover it. We’re well on our way to Chavez style Marxism.

  • saveus

    all part of obama’s plan to destroy the USA

  • Karinee

    As our president thinks madness is doing the same thing over & over. Now we know his
    problem.

    Why doesn’t the elephant party stop this crazy infighting, and get to work campaigning? What
    fools we have in both parties.

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  • Yiddish Steel

    Hay Carumba! Jim, i’ve lost count now on the total number of Solar & Green Energy Failed / Bankrupt Projects from the Obama Administration. Any chance you could just make a Running Tally or Tote board with the total number here on your Site so I can keep track. This is really beyon out-of-hand. Thanks.

  • bigkahuna

    GOP needs to make a commercial showing how many average citizens it takes to pay for all wasted Green weinies and corrupt cronies of Barry..

    My guess its hundreds of thousands or even millions of taxpayers taxes were wasted to line the pockets of Obamacronies

  • Finncrisp

    President “Keen to be Green” Obama gets another failure to put on his ongoing record of failure and misuse of public money. Whether they took the loan or not, fact is a source of electricity will not be developed as promised. No Green energy, No Nothing! Just Gov. failure.

    What a dope….

  • Candy

    JIM, would you please do a list with all of the failed solar companies, amount, head, party/donor amount, quid pro quos?

    FINALLY… PLEASE!

    People are walking around thinking it was just Solyndra and maybe one or two others.

    They’re not getting the amount of taxpayer jake, the corruption and how much as a whole, this takes out of his ‘bill’ that could have gone elsewhere… or worked towards getting the debt down vs. Cloward-Piven.

    Meanwhile, a list of anti-energy (Chuies), moves re: coal, gas, nat. gas, etc. would be a great comparison. Throwing in little things like, where are the folks who had jobs and support parts/restaurants… towns based on BP before the spill; Where are those people/towns now and are they working.

    Didn’t Bush/Cheney push through at least 60 drilling licenses before they left? It would be great to timeline the obstruction while showing the increase in output from ‘private’ companies or those who are fighting the pressure.

    It would be great to see how much he’s throwing away to AlQ via Egypt, Syria, Karzai etc. as well as *sskissing of the Saudis, Soros/Brazilian cos. (he gave our rigs away to), and the list of nationalization of American oil companies courtesy of the reds… with no responses… just more *sskissing.

    If I were organized and had a memory, i’d be dangerous.

    P.S. You do know anything lessening with fuel, nat. resources during a time of war is verboten. Especially with the tinderbox going on around the world.

    P.P.S. It would be nice to know, besides the usual ‘DO no Energy’ usual suspects, who the assigned killer is; Remember how Reid and Schumer caused the run on the banks and insurance? Who are the players for this?

    P.P.P.S. Infinity…

    Constantly remind those who don’t shop… but have folks shop for them, every single time gas and fuel goes up, every single thing you purchase goes up. Not just food and clothing, everything. This is important for mass transit (that goes up too), city-dwellers to get.
    Bring up milk, bread (this goes off into DO no Agriculture as well and injustice via water/farmers, impossible restrictions), clothes, parts… ANYTHING that has to be delivered.. With more local suppliers and companies going down, that’s another added cost coming from further away. Don’t get me started on China imports… we’d be in nursing homes.

  • Kissmygrits

    Solar has been around for 30 years or more. If it hasn’t caught on by now, it never will. I just wish they would stop spending my money on junk just to pay off cronies.

  • Blacque Jacques Shellacque

    …a solar power generation facility in Arcadia, Florida…

    What’s going to happen to the facility when the next big hurricane comes along?

    Is it insured by a private company, or will the taxpayer foot the bill for reconstruction when it’s destroyed?

  • Rock

    New day, same sh$%

  • dunce

    They succeeded in meeting obamas kickback target with plenty of extra cash to go around to all the scammers. Energy, hey, who needs it?

  • Blue Hen

    He is the opposite of Midas. They can’t break even with a power source straight from Heaven and government money. Big oil is drilling in all sorts of Godforsaken spots and making profits. And California has chronic shortages of electricity. Amazing.

  • the CEO is one uwe t. schmidt. he took over solar trust in 2009, was a successful businessman prior to this company. can’t find out if he was an obama bundler. it is said the company turned down the government loan which was granted by steven chu after solar trust’s parent company stopped financing the project. doesn’t say much for chu’s judgement. don’t know if the american taxpayer is completely off the hook for this boondobble.

  • bg

    ++

    scary stuff..

    bits more here, and here..

    ==

  • Patty

    OT sort of.

    GE Places Asterisk on Record Chevy Volt Sales

    Don’t get too excited about the record sales number just posted by General Motors(GM_) Chevy Volt in March, as the sales charge for the electric car may have been brought to life by a big corporate buyer.

    http://www.thestreet.com/story/11482415/1/ge-places-asterisk-on-record-chevy-volt-sales.html

  • Patty
  • Rock

    Patty,
    And along the same line, it has been discovered that a Democratic controlled media makes news far from accurate, it just gets worse with each passing moonbat…..

  • zapadoo

    This is incorrect. Solar Trust did not accept the government loan.

  • Mitch Rapp

    isn’t this the firm the PG&E us forced to buy garbage power from at very high prices ? When aare we going to stop this stupidity and buy cheap, dependable power without the stigam of Obama involved!

    I am getting tired of being had by dumb politiciians

  • bg

    ++

    i can’t stop thinking about all the lives that could have been saved with
    the billions that have literally been tossed down the bottomless energy
    pit (most likely laundered to boot).. 🙁

    ==

  • bg

    ++

    Patty #29 April 3, 2012 at 1:35 pm

    not to mention this or this, or Prince Alwaleed..

    ==

  • Rod

    When are people going to learn that to associate with this man is a REALLY bad idea. Everything he touches either dies or fails completely. He’s just death. There’s no there there.
    However you want to say it he’s just a complete failure. Stay away from him!

  • bg

    ++

    re: zapadoo #32 April 3, 2012 at 3:21 pm

    Solar Trust

    [Nonetheless, the California Energy Commission approved two of Solar Trust’s big projects and the federal government offered a $2.1 billion loan guarantee for Blythe. But plunging prices for photovoltaic modules made Solar Trust’s trough technology increasingly uncompetitive and last August the company announced it would turn down the $2.1 billion loan guarantee so it could switch to solar panels.]

    much more fun on the run to come i’m sure.. /s/

    ==

  • bg

    ++

    [World-Class Financial Advisors

    In October 2009 Solar Trust engaged Citigroup Global Markets Inc. and Deutsche Bank Securities, Inc. as advisors to assist in securing more than $6 billion in financing for construction of the company’s solar power plants in California and Nevada. Citigroup and Deutsche Bank are also providing advisory services for Solar Trust’s efforts to develop models for debt and equity project financing for its solar power plant projects.]

    ==

  • thats 2 billion they could have cut taxes with. people could use it to pay their mortgage, rent, food, gas, put it to good use instead of wasting it on scams.

  • PaulR

    everybody needs to do their homework- the loan was only if the company could raise the additional multi-billions in equity to actually build the project. That is why it is called a conditional loan guarantee- conditioned on raising the rest of the money. They couldn’t so no taxpayer money was ever given. Fine to disagree with renewables or Obama- plenty of negatives to go around, but if you are going to throw out comments spend 10 minutes and do some research and be informed.

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  • Obama is on the right track but unfortunately selected the wrong vendor.
    The solar push by our government will create a far better environment for our children!
    There are so many solar incentives for homeowners today. Also, an article was published and released today outlining a pilot program to pay homeowners for solar power. So save money and make money simultaneously. Not bad!

  • Krista

    Agreed Paul R. Disappointed that this is even in the Patch. It’s inflammatory, asserts something false, and not related to anything “hyper local” except that we’re all taxpayers.

  • notbobut

    What many are missing is that the primary investor Solar Millennium in Germany filed in December, the entire solar power market in Germany and Europe in general is collapsing. The example to the world in Germany and Spain of how to make successful solar power companies has shown everyone how to not try manipulating the markets, if solar power was all that we would not be seeing massive industry wide failures.

    Solar is a great concept but it isnt working out, not until we have system of turning electricity into some other form of energy for storage.