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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