RSSAnother Obama Green Energy Company Bites the Dust … Solar Trust Files Bankruptcy … Tax Payers Out Billions
Another one of Barack Obama’s “green” energy companies bites the dust . Solar Trust of America files bankruptcy. But don’t worry, its not like this was a Solydra, it was worse. The U.S. Department of Energy had awarded a $2.1 billion loan guarantee to Solar Trust of America for a solar thermal power plant near Blythe, CA. That is correct tax payers … $2.1 billion!!!
2.1 Billion Dollars BA-HA-HA-HA
Quickly running out of money, solar-project developer Solar Trust of America LLC filed for bankruptcy before it could finish a multibillion-dollar solar plant in California that was planned to generate electricity as one of the world’s largest solar-power projects.
The company filed for Chapter 11 bankruptcy protection in Delaware on Monday after majority owner Solar Millennium AG—now under the control of a German bankruptcy professional—stopped putting money into the company.
Who knew that we would look back upon the bankruptcy of Solyndra as a drop in the tax payers wasted money bucket? Just how many “green” jobs have been lost under Obama?
The Lonely Conservative opines that Barack Obama is making the political rounds on the campaign trail saying the Republicans want to cut his investments in green companies. And Obama thinks that doubling down and defending “green” companies that have lost the American tax payers billions of dollars is a winning argument? Really? No wonder he has switched to now making not so vale threats to the SCOTUS.
Think this is not a hot button issue for the 2012 election that is simmering beneath the surface? “We the People” are getting sick and tired of Obama picking “winners and losers”, mainly losers with our money.
Hmm … sorry, delayed post, got hung up in scheduler.
Posted April 28, 2012 by Scared Monkeys Bankruptcy, Barack Obama, Business, Economy, Energy, Green Energy, Green Jobs, Obamanation, Obamanomics | 8 comments |
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8 Responses to “Another Obama Green Energy Company Bites the Dust … Solar Trust Files Bankruptcy … Tax Payers Out Billions”
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“Contrary to inaccurate media reports, no taxpayer funds were loaned to Solar Trust of America. The company withdrew from the Department of Energy’s Loan Guarantee Program in August 2011 foregoing any government funding for the Blythe Solar Power Project.”
http://solartrustofamerica.com/
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SM: Um just where do you think the Department of Energy’s Loan Guarantee Program get’s its money to load failed Obama green energy?
Ahhh…hope and change at its finest. If Bozo the clown were running against Zero in November I’d vote for Bozo.
SM: Um just where do you think the Department of Energy’s Loan Guarantee Program get’s its money to load failed Obama green energy?
Sorry, I don’t understand the relevance. This particular company did not accept the DOE Loan.
“In April, the Obama administration offered German developer Solar Millennium’s U.S. joint venture a $2.1 billion loan guarantee to build a massive solar thermal power plant in the California desert. On Thursday, the company effectively gave the money back.
http://www.forbes.com/sites/toddwoody/2011/08/18/solar-developer-says-no-thanks-to-2-1-billion-federal-loan-guarantee/
“The company subsequently announced plans to switch from concentrating solar power to PV, ditching a $2.1bn Department of Energy loan guarantee in the process.”
http://www.rechargenews.com/energy/solar/article309992.ece
“Solar Trust entered into a grant of right of way with the U.S. Department of Interior, Bureau of Land Management, for the land used for the Blythe Project. Under this right of way agreement, Solar Trust pays the federal government approximately $2.3 million in rent annually.”
“Given that Solar Trust is in developmental stages, it does not produce operational revenues and from instead depends on funding its corporate parents. The company’s parent companies finance the costs of project development and other related expenses. In December of last year, however, one of Solar Trust’s parent companies, Solar Millennium AG, began insolvency proceedings in Germany. Once the insolvency proceedings began, Solar Millennium AG came under the control of a German insolvency administrator and thereafter stopped funding for Solar Trust.”
http://delawarebankruptcy.foxrothschild.com/2012/04/articles/bankruptcy-case-summary/solar-energy-developer-solar-trust-of-america-files-petitions-for-bankruptcy-in-delaware/
the govt. guaranteed the loans. we will have to pay off the $2.l billion.
Barry works incredibly hard to figure out the best
places to spend and distribute America’s
money. The stupid, lazy taxpaying citizens
do practically nothing at all except pay
for all that extremely hard work and spending.
#4 -
the govt. guaranteed the loans. we will have to pay off the $2.l billion.
—–
Sounds to me like the govt. did NOT guarantee the loan.
Wake up these companies are failing because China has been allowed to flood the market with it’s below production cost modules! no sector can survive when it is being undercut by another country. This is not the only area where China is doing this, wake up maybe tomorrow it will be your job that goes next.
The price difference between Western and Chinese made solarpanels is just too big.
there is a 1500eu + difference in just the materials.