WOW! DOE Official Calls Green Scam Program an “Enormous Success” Despite Over $2.5 Billion Lost in Bankruptcies
This week, the House GOP unveiled new draft legislation — the aptly-named No More Solyndras Act — which is pretty much exactly what it sounds like. The bill would phase out the Department of Energy’s loan guarantee program for clean energy companies, which was expanded through the 2009 stimulus.
Today David G. Frantz, Acting Executive Director of the Loan Program Office for the U.S. Department of Energy called the DOE Loan Guarantee program an “enormous success.” Frantz was testifying before a joint hearing between the Subcommittee on Energy and Power and the Subcommittee on Oversight and Investigations.
** By “enormous success” Frantz means that 80% of DOE dollars went to Obama backers.
For those who only hear about these failing companies one by one, the following is a list of all the clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy. The liberal media hopes you’ve forgotten about all of them except Solyndra, but we haven’t.
Solyndra (received $535 million – now bankrupt)
Beacon Power (received $43 million)
AES’ subsidiary Eastern Energy
Nevada Geothermal (received $98.5 million)
SunPower (received $1.5 billion)
First Solar (received $1.46 billion)
Babcock & Brown (an Australian company which received $178 million)
Ener1 (subsidiary EnerDel received $118.5 million)
Amonix (received 5.9 million)
The National Renewable Energy Lab
Abound Solar (received $400 million)
Chevy Volt (taxpayers basically own GM)
Solar Trust of America ($2.1 billion federal loan guarantee – now bankrupt)
A123 Systems (received $279 million)
Willard & Kelsey Solar Group (received $6 million)
Johnson Controls (received $299 million)
Schneider Electric (received $86 million)
That’s 19 (that we know of so far). We also know that loans went to foreign clean energy companies (Fisker sent money to their overseas plant to develop an electric car), and that 80% of these loans went to President Obama’s campaign donors.
The Obama Administration calls this a success.