Obama admin approves 2 solar loans worth $1B (Obama blows $1 billion more taxpayer's money)

google ^ | 9/28/2011 | By MATTHEW DALY

[tobyhill]

The Energy Department on Wednesday approved two loan guarantees worth more than $1 billion for solar energy projects in Nevada and Arizona, two days before the expiration date of a program that has become a rallying cry for Republican critics of the Obama administration's green energy program.

Energy Secretary Steven Chu said the department has completed a $737 million loan guarantee to Tonopah Solar Energy for a 110 megawatt solar tower on federal land near Tonopah, Nev., and a $337 million guarantee for Mesquite Solar 1 to develop a 150 megawatt solar plant near Phoenix.

The loans were approved under the same program that paid for a $528 million loan to Solyndra Inc., a California solar panel maker that went bankrupt after receiving the money and laid off 1,100 workers. Solyndra is under investigation by the FBI and is the focal point of House hearings on the program.

[DustyMoment]

There has got to be a way to stop this. How much more bankrupt can he make us??

[Fred Hayek]

And is this even more payback for political contributions? The loan then distributed to the “investors” and then the company goes belly up?
This Administration is out to make Bernie Madoff look like a piker. And it is us, the taxpayers, being screwed.

[mewzilla]

http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/enron-vet-turns-737m-solar-loan-guarantee

[Dilbert San Diego]

Ya, I wonder about these things:

1. Why are we still giving out these loans after Solyndra?

2. Why has the Solyndra story not been more widely reported in the MSM?

3. Is anyone in the government tracking these loans, to ensure that they are in compliance with the law?

4. Do these companies have to put up collateral, or have a formal business plan?

5. Who decides to give out these loans; who gives the approval?

6. What are the criteria for getting these loans?

[GAB-1955]

A solar tower is sound engineering; this is the arrangement with mirrors and heating something like salt or sulfur. The heat differential makes steam that runs turbines. Photoelectric is the problem.

[GAB-1955]

A solar tower is sound engineering; this is the arrangement with mirrors and heating something like salt or sulfur. The heat differential makes steam that runs turbines. Photoelectric is the problem.

[PubliusMM]

Not only stupid and reckless, but also supports the Pelosi family. Seems Nancy’s brother has a big piece of one of the entities that has an ownership stake in Tonopah...

And, so the world turns.

[BilLies]

GET FOCUSED, THE LOANS ARE ONLY LESSER PART OF THE PROBLEM!!!
Obama and the Eco Nuts have in place huge, billions and billions of tax subsidies and cash credits provided by state, state and federal governments that provide the grease for the Corporate Cronies to get their upfront money by making the financial BAY BACK Calculators attractive to to homeowners.
Study and your check and federal “ green incentives” to get an idea how much they are mortgaging your children and grandchildren in tax indebtedness.

[blackdog]

Leader Doubledown, has become Leader Trippledown, when it comes to arrogant stupidity flung in the faces of the people.

He really just doesn't give a damn about right, wrong, reason, or ethics. He just wants his way for his friends and government cronyism addicts.

[maggief]

“$337 million guarantee for Mesquite Solar 1 to develop a 150 megawatt solar plant near Phoenix.”

http://green.blogs.nytimes.com/2011/02/04/arizona-solar-plant-picks-chinese-supplier/

February 4, 2011, 1:52 pm
Arizona Solar Plant Picks Chinese Supplier
By TODD WOODY
Green: Business

Suntech, the Chinese solar giant, has won a contract to supply photovoltaic panels for a 150-megawatt project in Arizona, marking China’s entry into a lucrative United States power-plant market dominated by American companies.

The project is the first phase of a planned 700-megawatt project called Mesquite Solar to be built about 40 miles west of Phoenix and operated by Sempra Generation, a subsidiary of Sempra Energy. A California utility, Pacific Gas & Electric, will buy the electricity produced by the power plant’s first phase, called Mesquite Solar 1.

http://www.greentechmedia.com/articles/read/Suntech-to-Supply-800000-PV-Panels-for-Sempras-Mesquite-1/

Suntech to Supply 800,000 PV Panels for Sempra’s Mesquite 1

http://online.wsj.com/article/SB10001424052970204138204576599031870050492.html

A second, $337 million loan guarantee announced Wednesday will back Sempra Energy’s Mesquite Solar I project in Arizona, about 45 miles west of Phoenix. That 150-megawatt facility will use solar panels made in Arizona by Suntech Power, which is based in China.

[Venturer]

The thing that amazes me is that I always thought that the House of Representatives decided about money, but Obama is giving away a billion here and a billion there like he is in control of the checkbook.

Whya are we wasting money on a House and Senate, when Obama does whatever the Fugg he feels like doing?

[WellyP]

Off-balance-sheet bank at the Treasury Department, the Federal Financing Bank [FFB]...”
http://www.foxbusiness.com/markets/2011/09/28/government-bank-financing-more-solyndras/

http://www.freerepublic.com/focus/f-news/2785045/posts

The Treasury Department’s inspector general is now investigating the bank over its $528 million loan to Solyndra. FFB’s chairman of the board is Treasury Secretary Tim Geithner, and the bank’s board executives are Treasury officials.

[Brad from Tennessee]

FYI—dated but interesting:

http://www.scientificamerican.com/article.cfm?id=a-solar-grand-plan

[PhiloBedo]

This is Barry’s MO, for whatever his psychological problems are that casue him to do so. Just like the bowing thing, once he’s criticized, he doubles down and makes sure he does the dumb thing over and over, like it will somehow become right.

He’s stuck on stupid.

[FlyingEagle]

This funding has to be halted. $1 billion in theft -

[FlyingEagle]

Kevin B Smith, CEO

http://solarreserve.com/news/SolarReserveStatementforDOIPressConference020911.pdf

How much payola to Chu Salazar and Okenya?

Kevin B Smith looks like a 5th Amendment taker doing the dirty deed here.

[FlyingEagle]

Looks like payback to Citibank et al seed capital

http://www.solarreserve.com/pressReleases/SolarReserveFunding.pdf

[FlyingEagle]

Well this did not take long. Kevin Smith has been doling out tons of cash to the campaigns of Obamocrats for years.
http://www.newsmeat.com/fec/bystate_detail.php?st=IL&last=SMITH&first=Kevin

Contributor Candidate or PAC Amount Date FEC Filing
SMITH, KEVIN
WILMETTE, IL 60091
SOLAR RESERVE/EXECUTIVE FEINSTEIN, DIANNE (D)
Senate - CA
FEINSTEIN FOR SENATE $1,000
primary 03/10/11
SMITH, KEVIN
WILMETTE, IL 60091
SOLAR RESERVE/CEO SCHUMER, CHARLES E (D)
Senate - NY
FRIENDS OF SCHUMER $1,000
primary 02/13/11
Smith, Kevin B
Wilmette, IL 60091
Solar Reserve/CEO SEALS, DANIEL JOSEPH (D)
House (IL 10)
DAN SEALS FOR CONGRESS $500
general 12/22/10
SMITH, KEVIN
WILMETTE, IL 60091
SOLARRESERVE, LLC/CHIEF EXECUTIVE O CANTWELL, MARIA (D)
Senate - WA
FRIENDS OF MARIA $500
primary 11/16/10
SMITH, KEVIN
WILMETTE, IL 60091
SOLARRESERVE, LLC/CHIEF EXECUTIVE O
ACTBLUE $500
primary 11/16/10
SMITH, KEVIN
WILMETTE, IL 60091
SOLARRESERVE LLC/CHIEF EXECUTIVE OF REID, HARRY (D)
Senate - NV
FRIENDS FOR HARRY REID $1,000
general 10/07/10
SMITH, KEVIN B
WILMETTE, IL 60091
SOLAR RESERVE/CEO BINGAMAN, JEFF (D)
Senate - NM
A LOT OF PEOPLE WHO SUPPORT JEFF BINGAMAN $1,000
primary 09/27/10
Smith, Kevin
Wilmette, IL 60091
SolarReserve LLC/Chief Executive Of REID, HARRY (D)
Senate - NV
REID VICTORY FUND $1,000
primary 09/15/10
Smith, Kevin B
Wilmette, IL 60091
Solar Reserve/CEO SEALS, DANIEL JOSEPH (D)
House (IL 10)
DAN SEALS FOR CONGRESS $1,000
general 03/13/10
SMITH, KEVIN
WILMETTE, IL 60091
SOLARRESERVE LLC/CHIEF EXECUTIVE OF BOXER, BARBARA (D)
Senate - CA
FRIENDS OF BARBARA BOXER $1,000
primary 11/06/09
Smith, Kevin
Wilmette, IL 60091
SolarReserve, LLC/Chief Executive O HEINRICH, MARTIN TREVOR (D)
Senate - NM
MARTIN HEINRICH FOR SENATE $1,000
primary 09/22/09
SMITH, KEVIN
WILMETTE, IL 60091
SOLARRESERVE LLC/CHIEF EXECUTIVE OF REID, HARRY (D)
Senate - NV
FRIENDS FOR HARRY REID $1,000
primary 08/06/09
Smith, Kevin
Wilmette, IL 60091
SolarReserve LLC/Chief Executive Of REID, HARRY (D)
Senate - NV
REID VICTORY FUND $500
primary 05/19/09
Smith, Kevin
Wilmette, IL 60091
Solarreserve/Chief Operating Office OBAMA, BARACK (D)
President
OBAMA VICTORY FUND $500
primary 10/13/08
Smith, Kevin
Wilmette, IL 60091
Solarreserve/Chief Operating Office OBAMA, BARACK (D)
President
OBAMA FOR AMERICA $250
primary 07/31/08
Smith, Kevin B.
Wilmette, IL 60091
Solar Reserve/COO SKELLY, MICHAEL PETER (D)
House (TX 07)
SKELLY FOR CONGRESS $500
general 07/23/08
Smith, Kevin
Wilmette, IL 60091
Solarreserve LLC/Chief Operating Of OBAMA, BARACK (D)
President
OBAMA FOR AMERICA $500
primary 12/06/07
Smith, Kevin
Wilmette, IL 60091
Solarreserve LLC/Chief Operating Of OBAMA, BARACK (D)
President
OBAMA FOR AMERICA $2,000
primary 10/17/07
Smith, Kevin
Wilmette, IL 60091
Solarreserve LLC/Chief Operating Of OBAMA, BARACK (D)
President
OBAMA FOR AMERICA $-1,000
primary 10/17/07
SMITH, KEVIN
WILMETTE, IL 60091
INVENERGY LLC/SR. VICE PRESIDENT
INVENERGY PAC $2,500
primary 08/01/07
Smith, Kevin
Metropolis, IL 62960
US Department of Commerce/Meteorolo
NATIONAL WEATHER SERVICE EMPLOYEES ORGANIZATION POLITICAL ACTION COMMITTEE $1,200
primary 03/06/07
Smith, Kevin
Wilmette, IL 60091
Solarreserve LLC/Chief Operating Of OBAMA, BARACK (D)
President
OBAMA FOR AMERICA $500
primary 03/02/07

[FlyingEagle]

American Energy Policy: the new Russia. Pay politicians, get a billion in guaranteed loans.

[yorkie]

This should be in breaking news!

I keep saying "I won't ever be shocked again, by what this Administration is doing" - and then they pull crap like this!

They will all pad their pockets with our tax dollars, and then file the 'safe' bankruptcy - plea the fifth in court - and retire on some island, with full staff to administer to their every whim!

[hattend]

More money laundering?

[Melchior]

Sempra is a miserable outfit and the third largest energy company in California. I question why taxpayers should fund this project when the infrastructure is being provided by China. Let China lend the funds.

[Squidster]

As bankrupt as possible. Then government is “forced” to take over.

[ding_dong_daddy_from_dumas]

Once they had escaped Crete, Icarus became exhilarated by flight. Ignoring his father's warning, he flew higher and higher. The sun melted the wax holding his wings together, and the boy fell into the water and drowned.

[lonevoice]

ping - speechless

[plain talk]

After the blowout in the Gulf what happened? Obama shut down production in the Gulf so we could check everything out and make sure other wells were safe, right?

why isn’t that being done here? Why aren’t politicians demanding that these loans be stopped until a full review is made? Why are these loans being rendered in the first place?

[Hoodat]

Solargate

[Carry_Okie]

And here I thought Congress was in charge of spending.

Silly me.

[Art in Idaho]

Skip impeachment. Time for the US Marshals to go in and arrest him for treason for blatantly trying to Cloward-Piven destroy our Sacred Republic in a calculated premeditated fashion.

[Eldon Tyrell]

So of course that is why they need government funding - because it is such a good idea, and there are no sources of capital in the USA for capital other than the government.

The question is NOT technical feasability. Loans are made for economic reasons.

This is government subsidized loans in a market with government subsidized consumption.

[Indy Pendance]

Rule of law, forget about it. Obama is our supreme ruler. Bow and pay homage.

[Shadowstrike]

I hope you just forgot the sarcasm tag for this.

I bow to one and only one. God Almighty.

I’d rather die on my feet than live on my knees.

[GAB-1955]

You’re right... if it’s that good, the private sector would fund it... EXCEPT if a private sector firm loaned the money, the environmentalists would do everything they could to stop the project in courts and legislatures. Sigh. Solar towers do work and can provide baseline power!

[LibsRJerks]

Wait a minute.

I thought stimulus funds were to go to make sure we had enough teachers, first responders, etc. To “keep them in their jobs.”

I didn’t realize it was so that the pet projects of the LEFT could take them to squander and line their pockets, launder the funds, etc.

WHY THE HELL isn’t this being stopped? Investigated??? WHERE DID ALL THIS MONEY GO???????

[Tspud1]

If this is on Federal land, will they pay local taxes? How about rent for the ground going to national debt?

[eyeamok]

Which part of the US Constitution permits the Federal Government to “LOAN “ Money?? Hint, there isn’t, Congress has the Power to “Borrow” Money, but I see no Authorization to LOAN MONEY in the Constitution. Not that it really matters.

[57Chevy]

HOLD OBAMA ACCOUNTABLE!!!!!!! VOTE HIM OUT, and all of the other Crooks. Pelosi, Reed and the communist!!!!!!!!!

[57Chevy]

HOLD OBAMA ACCOUNTABLE!!!!!!! VOTE HIM OUT, and all of the other Crooks. Pelosi, Reed and the communist!!!!!!!!!

[GAB-1955]

At least in this case, the liberals were thinking of providing capital to a business that produced a product. Give them partial credit for that. The product was one that no one wanted that much - though in bankruptcy, Solyndra’s technology is worth enough to be bought for cents on the dollar - but it was a product.

However, if you want to invest in energy, why not just buy a car company and force efficiency? Oh, yeah, now I remember why...

[GAB-1955]

I don’t know. The power generated should bring in income. I would make them pay rent and fees for generated power, payable to the Treasurer of the U.S. But I’m not President, nor even Secretary of Energy.

[Bellflower]

The Obama cartel at it again.

[Bellflower]

The money that went to Solyndra was completely wasted on a super fancy building for a bankrupted company. I wonder what the idea of that is? Just wasting our money and giving out jobs to union members? You have to wonder what the real plans for this money are.

Solyndra's multimillion-dollar white elephant

The glass-and-metal building that Solyndra LLC began erecting alongside Interstate 880 in Fremont in September 2009 was something the Silicon Valley area hadn't seen in years: a new factory.

It wasn't just any factory. When it was completed at an estimated cost of $733 million, including proceeds from a $528 million federal loan guarantee, it covered 300,000 square feet, the equivalent of five football fields. It had robots that whistled Disney tunes, spa-like showers with liquid-crystal displays of the water temperature, and glass-walled conference rooms..........

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/09/28/BURG1LAO3J.DTL