Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Energy Department approves $737 million solar loan guarantee
The Hill ^

Posted on 09/28/2011 9:30:56 AM PDT by Sub-Driver

Energy Department approves $737 million solar loan guarantee By Andrew Restuccia - 09/28/11 11:02 AM ET

The Energy Department announced Wednesday that is has finalized a $737 million loan guarantee for a Nevada solar project.

The decision comes several weeks after a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009 filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington.

The $737 million loan guarantee will help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve.

Crescent Dunes is the latest solar project to receive a loan guarantee from the Energy Department in recent weeks. The department announced a $1.2 billion loan guarantee to Abengoa Solar for a solar generation project in California and a $150 million loan guarantee to 1366 Technologies for a Massachusetts solar manufacturing project earlier this month.

The Energy Department says the project will result in 600 construction jobs and 45 permanent jobs.

“If we want to be a player in the global clean energy race, we must continue to invest in innovative technologies that enable commercial-scale deployment of clean, renewable power like solar,” Energy Secretary Steven Chu said in a statement. “Solar generation facilities, like the Crescent Dunes Solar Energy Project, help supply energy to local utilities and create hundreds of good, American clean energy jobs.”

The Crescent Dunes facility will generate power using concentrated solar power technology, in which a series of mirrors direct sunlight onto a receiver at the center of the plant.

The Solyndra loan guarantee, unlike the one for Crescent Dunes, was used for a solar panel manufacturing facility.

The decision to finalize the loan guarantee comes just days before the Energy Department’s advanced energy loan-guarantee program, which was funded under the 2009 stimulus law, expires. The department is hoping to make a final decision on about 10 other projects by Sept. 30.

Republicans in Congress have raised concerns that the Energy Department will be forced to rush the final review of the projects because of the tight deadline. But top Energy Department officials say they will not approve any projects without subjecting them to detailed analysis.

The Solyndra controversy has cast a shadow over the Energy Department’s loan-guarantee program, which provides financing for renewable energy, advanced biofuels and electric power transmission projects.

Republicans allege that the administration missed a series of warning signs that hinted at Solyndra’s financial troubles.

Republicans on both the House Oversight and Government Reform and the Energy and Commerce committees have launched investigations into the loan-guarantee program as a result of the Solyndra bankruptcy.

The Justice Department and other federal agencies are also investigating Solyndra.


TOPICS: Government; News/Current Events; Politics/Elections
KEYWORDS: energy; solar; solarenergy; solargate; solyndragate
Since when is the Energy Department in the loan business?
1 posted on 09/28/2011 9:31:00 AM PDT by Sub-Driver
[ Post Reply | Private Reply | View Replies]

To: Sub-Driver

Since now. Now shut up and pay your taxes, prole.


2 posted on 09/28/2011 9:32:44 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver

The rape and pillage of America continues. How much longer folks? How much longer?


3 posted on 09/28/2011 9:33:55 AM PDT by poobear (Facts, the TURD in the punchbowl of Liberal thought!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver

I’ve heard of doubling down on your mistakes, but is there such a thing as tripling down?


4 posted on 09/28/2011 9:35:32 AM PDT by Mr. K (Palin/Bachman 2012- unbeatable ticket~!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver
"The Energy Department says the project will result in 600 construction jobs and 45 permanent jobs. "

Even if ALL 645 jobs were premanent that would be a cost of over a million dollars each.

Can't ANYONE do math in that place?

5 posted on 09/28/2011 9:37:39 AM PDT by Mr. K (Palin/Bachman 2012- unbeatable ticket~!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver
Job #1 January 21, 2013

Shut down and eliminate the Department of Energy!

6 posted on 09/28/2011 9:37:39 AM PDT by PALIN SMITH (In a time of universal deceit, telling the truth is a revolutionary act.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver
If they can't find any volunteer private investors then maybe, just maybe, taxpayers should not be forced to give out loans either.
It's Solyndra take II.

7 posted on 09/28/2011 9:38:07 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver

Isn’t this one of the desert solar projects, because of damage to putative habitats, tied up in the courts by Greenpeace et. al.???


8 posted on 09/28/2011 9:38:30 AM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: steelyourfaith

AGW ping?


9 posted on 09/28/2011 9:48:42 AM PDT by Amagi (You can't discuss Camelot without mentioning Squire Ted & the Lady in the Lake.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver

Just think of them as the Fannie Mae of the energy industry.


10 posted on 09/28/2011 10:00:52 AM PDT by Stormdog (A rifle transforms one from subject to Citizen)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr. K

“The Energy Department says the project will result in 600 construction jobs and 45 permanent jobs. “
Even if ALL 645 jobs were premanent that would be a cost of over a million dollars each.

Can’t ANYONE do math in that place?”

Many questions in the comments posted on the. Forget about how much the cost is per job created. My question is, how much per kilowatt hour will the electricity generated by this project cost?


11 posted on 09/28/2011 10:00:53 AM PDT by ngat
[ Post Reply | Private Reply | To 5 | View Replies]

To: Sub-Driver

$737 MILLION DOLLARS to produce 45 “permanent” jobs, at a facility that will never, EVER be profitable without huge gub’ment subsidies.

Democrats call this “Economic development”.


12 posted on 09/28/2011 10:25:54 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver

You know, the administration could make these solar loans self-funding if, when they approved the loans, simulatnaously set up national lotteries where players could place bets on the week the underlying companies would declare bankruptcy. Very simple!


13 posted on 09/28/2011 11:00:02 AM PDT by Attention Surplus Disorder (Madoff screwed the rich. Bernanke screwed us all.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver

You know, the administration could make these solar loans self-funding if, when they approved the loans, simulatnaously set up national lotteries where players could place bets on the week the underlying companies would declare bankruptcy. Very simple!


14 posted on 09/28/2011 11:00:12 AM PDT by Attention Surplus Disorder (Madoff screwed the rich. Bernanke screwed us all.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Amagi; Tunehead54; golux; tubebender; Fractal Trader; Genesis defender; 4horses+amule; Carlucci; ...
Thanx for the ping amagi !

 


Beam me to Planet Gore !

15 posted on 09/28/2011 12:04:34 PM PDT by steelyourfaith (If it's "green" ... it's crap !!!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Sub-Driver
Spain built two plants very similar to what is described here, neither one is currently operating due to technical problems.

The project plan for this “thermal” generating plant touts a “hybrid” cooling system (to condense the generated steam for recycling) which will use less that 600 acre feet of water per year. Now I believe Tonapah Nevada is desert country (desert being land that gets less then 10” of rain per year) and 600 acre feet doesn't sound like much until you convert it to gallons and arrive at a staggering 195,510,857.4 gallons a year. What could possibly go wrong with this plan? And that does not include the water needed to keep all those heliostats shinny and dust free!

Regards,
GtG

16 posted on 09/28/2011 1:53:35 PM PDT by Gandalf_The_Gray (I live in my own little world, I like it 'cuz they know me here.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sub-Driver

$37M to Pelosi’s BIL—bwhahaha, haha...


17 posted on 09/28/2011 1:59:23 PM PDT by 9YearLurker
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson