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!

    /

  • http://www.davemacleod.net dmacleo

    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
  • http://www.katablog.com katablog.com

    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….