FAIL. Another Obama-Funded Solar Company Goes Bust – Taxpayers Lose $2 Billion?
Posted by Jim Hoft on Tuesday, April 3, 2012, 5:38 AM
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 commented:
Barry should change hias Twitter feed name to “No Limit Barack”.
Vixen commented:
Taxpayers lose $2 billion, but I’d be willing to bet BHO’s re-election campaign gains it….
Redlite commented:
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 commented:
It doesn’t matter as long as the management gets their bonuses.
lizzy84 commented:
‘Solyndra was just the appetizer:’
http://www.zerohedge.com/news/worlds-largest-solar-plant-21-billion-energy-department-loan-guarantee-files-bankruptcy
Larkin commented:
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!
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dmacleo commented:
iirc they were approved but turned down the loan in LATE 2011.
can someone confirm/deny that?
democraps suck commented:
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 commented:
Check PowerLine today. The company turned down the DOE loan. Taxpayers dodged a bullit.
Dewey commented:
According to this article they rejected the loan.
http://www.washingtonpost.com/business/economy/some-clean-energy-firms-found-us-loan-guarantee-program-a-bad-bet/2011/09/13/gIQA9n5J0K_story.html
katablog.com commented:
Hey, it’s only $2 billion; not like it’s real money or anything!
NeoKong commented:
The guy has the Midas touch.
Gee….I wonder where all the money will end up.
If we only knew.
cal rifkin commented:
I guess nobody gives a sh!t, the media doesn’t cover it. We’re well on our way to Chavez style Marxism.
saveus commented:
all part of obama’s plan to destroy the USA
Karinee commented:
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.
Yiddish Steel commented:
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 commented:
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 commented:
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….
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