Skip to comments.Energy Department approves $1B in solar energy loan guarantees (More Solyndra's in the pipeline?)
Posted on 09/28/2011 12:41:25 PM PDT by SeekAndFind
The Energy Department announced Wednesday that is has finalized more than $1 billion in loan guarantees for two separate solar energy projects.
The decision comes several weeks after Solyndra, 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.
DOE announced a $737 million loan guarantee to 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.
The Energy Department said 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 news release. 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 Energy Department also announced that it had finalized a separate $337 million loan guarantee to Sempra Energy for a 150-megawatt photovoltaic solar-generation project in Arizona.
The project will result in 300 construction jobs, DOE said.
(Excerpt) Read more at thehill.com ...
It would be cheaper to just randomly select 1200 unemployed Americans and give them $500,000 each.
The definition of insanity is doing the same thing over expecting different results.
I’m thinking we should start setting up shell companies doing solar research and get some o” that Obama money.
It goes to prove that these dopes would not be rich if it were not for government (SARC)
Is there ANYONE in our government demanding accountability from this regime BEFORE they dole out more taxpayer loot to their cronies???
How many way to buy votes? Millions to the communists running the Country.
Why is the federal government in the loan business anyway? I thought that was what banks were for.
Wow, nearly everyone on the thread so far thinks that 0bama expects these companies to do something besides fail.
The whole point is to spend the money and bankrupt the country while enriching his cronies.
Just take a visit to Pahrump Nye County, Nev. (and home of the wierd Art Bell) to see if this is money well spent.
RE: Why is the federal government in the loan business anyway? I thought that was what banks were for.
The Department of Energy was formed after the oil crisis on August 8, 1977 by President Jimmy Carter’s signing of legislation, The Department of Energy Organization Act of 1977.
Today, it is a Cabinet-level department of the United States government concerned with the United States’ policies regarding energy and safety in handling nuclear material.
Its responsibilities include the nation’s nuclear weapons program, nuclear reactor production for the United States Navy, energy conservation, energy-related research, radioactive waste disposal, and domestic energy production.
DOE also sponsors more basic and applied scientific research than any other US federal agency; most of this is funded through its system of United States Department of Energy National Laboratories.
I would guess that under Obama’s government-knows-best policy, this so called sponsorship justifies their loan to energy companies (Solar Energy being the one they most favor at the moment).
As for banks — well, they only give loans for companies they know has a good chance of paying them back the loan they provide with interest. The government isn’t into the profit and loss business (after all, they can only TAKE from people)
Smells like harry reid is at it again. They need power for that poetry festival.
Use Open Secrets to do a search on these two corporations. On the Tonopah one you’ll need to look at their parent company and especially their Board of Directors when you do the searches. I couldn’t tell if any of them were also bundlers
Guess which party got their money?