Another Solar Company Goes Bust – Got $26 Million in State Loans

It’s an Obama world.
Another solar plant that got $26 million in loans went bust this week.
WLOX reported:

Mississippi taxpayers may have only an empty Senatobia building and some solar panel equipment to show for nearly $26 million in loans provided to Twin Creeks Technologies.

The California-based solar technology firm is liquidating, and a company that bought Twin Creeks’ assets does not intend to take over its agreement with Mississippi. The contract called for Twin Creeks to invest at least $132 million and create at least 500 jobs.

The Mississippi Development Authority’s Kathy Gelston says officials are negotiating for Twin Creeks to repay aid above the value of the building and equipment.

The Director of Twin Creek Technologies donated $1,000 to Obama’s campaign this year.

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  • American Woman

    It’s called theft; Purposeful, Strategic, Criminal Theft.

    How much did Obama get from the Executive Officers & Board Members (A/K/A criminals) for his campaign?

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  • Highlander

    It’s hard to expect these atrocities to be treated as theft when the majority of the American public doesn’t really seem to care that they’re happening. I might consider them to be theft, and YOU might consider them to be theft, but at the moment we appear to be in the minority. Until people get their noses out of their televisions, put the video games down, and re-engage reality, we’re screwed. Too many people have no idea what’s going on in this country right now. Through their regular sports and entertainment programming, and the “news” programs that are nothing but left-wing propaganda sessions, the media has created a false reality that isolates them from the truth, and the American public is sucking it up like a school of hungry carp ….

  • squeaky

    over time, i was somewhat amused by the programs that the government [in one form or the other] rolled out with much fanfare that was supposed to be the ultimate solution to all problems. the usual appointees to run these new programs were the same ones who ran the last unsuccessful program of the day. boondoggle to boondoggle.

  • Skandia Recluse

    One would think that with all these solar panel companies going broke there would be solar panels on ebay selling at a deep discount as inventory was liquidated.

    Where are all the ‘going out of business’ sale signs?

  • We live in a kleptocracy. Simple as that. We have laws in place to prevent, stop and punish this behavior but nothing is done. Sad.

  • radioone

    “solar panels on ebay”

    This company probably didn’t produce very many. The building gets built; equipment purchased; a few employees hired, and the rest of the money gets skimmed off by the creators of the scam. Since this is “government money” so nobody is accountable.

  • PAvolley

    Contracts probably have language prohibiting liquidation sales as on eBay, etc. because the low bids would show how worthless they are. This would bring down the house of cards that require government agencies/facilities to purchase their green product at outrageous prices. Remember Solyndra when they were throwing glass tubes into the dumpsters?

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  • cavt

    Wow–well we definately need higher taxes to cover this–

  • bigkahuna

    It’s Bushes fault…He didnt bribe these companies to vote republican and donate money.

    It seems the only jobs they create are for closeout specialists, liquidators, tax accountant cheaters, scam artists and politicians… most of which dry up as soon as the company does

  • Whistleblower
  • UpChuck.Liberals

    This is my shocked face. Obviously we need to triple down on our ‘investments’. Can’t hit the wall fast enough is Barry and his masters motto.

  • Patty

    Mistakes over and over and over, again. Like a kid who keeps doing something he shouldn’t and doesn’t listen or care.

    You would think they would learn but this isn’t a lesson of good and bad. It is money for favors and feeding the base. And we the taxpayers keep losing.

  • Patty

    Solar, We Have a Problem

    Massachusetts-based Evergreen Solar Inc. made headlines this week, but not the kind that delight shareholders. The heavily subsidized solar-energy company filed for bankruptcy.

    It’s called the SunShot Initiative, mirrored after President Kennedy’s man-on-the-moon mission. DOE says we must aggressively pursue an equally important goal: cutting the cost of solar-energy technology by 75 percent within a decade. Quoth the DOE: “Reducing the total installed cost for utility-scale solar electricity to roughly 6 cents per kilowatt hour without subsidies will result in rapid, large-scale adoption of solar electricity across the United States.”

    The statement is fundamentally oxymoronic. The SunShot Initiative is itself a huge government subsidy – a $200-million-a-year, taxpayer-funded investment to reduce the cost of solar. Will it work? It doesn’t matter. Government has no business trying to make private-sector projects cost-competitive. It’s neither appropriate nor necessary.[………………]

    The Department of Energy asserts that the SunShot Initiative will improve America’s energy security, but the simple fact is that the United States already enjoys a robust domestic electricity market. The DOE is calling for man-on-the-moon-type missions, but we already have men on the moon. Their names are coal, natural gas, nuclear and hydroelectric power.

    And we produce this electricity almost entirely at home. Canada provides some of our natural gas and uranium. Australia provides some uranium, too. But those are hardly hostile nations. In reality, the biggest threat to our electricity security is our federal government preventing access to our abundant domestic resources, most notably coal and natural gas.

    Invoking the can-do language of the 1960s-era NASA, the Department of Energy’s SunShot Initiative sounds more like a mission to land a man on the sun. It’s an astronomically misguided initiative that will leave American taxpayers and energy consumers badly burned.

  • where is the money? someone has that 26 million. its a question nobody in the democratic-party media complex will ask.

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  • shadow

    where is the money? someone has that 26 million. its a question nobody in the democratic-party media complex will ask.

    It’s sitting right there in Mississippi, in the way of real estate and equipment. That is what some states do to lure business to their state. And it has nothing to do with Obama, no matter how hard the right wing spin machine tries to make it so.