Solar Trust of America files bankruptcy

Reuters ^ | Apr 2, 2012 | Reuters

[mdittmar]

The Oakland-based company has held rights for the 1,000-megawatt Blythe Solar Power Project in the Southern California desert, which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project.

[Eric in the Ozarks]

And, another one bites the dust.

[Zathras]

I think this is the one based on the design in Spain.
“The pain in Spain is Obama’s claim to fame”

[xrmusn]

It is unclear how the bankruptcy will affect that project
= = = = = = = = = = = = = = = = = = = = = = = = = = = = =
Any guesses?

Definitely a BOHICA moment.

Wonder what the party affiliation is and how much was donated prior the ‘grant’ and how much will backdoor its way to whence it came?

Time to buy stock in Vaseline* as the taxpayers will be buying it by the carload to ‘ease the BOHICA’ experience.

[Graewoulf]

Meanwhile, the drumbeat of Dictator Baby-Doc Barack continues to grow louder :

-— regulate -— control -— destroy -— Regulate -— control -— destroy -— REgulate -— control -— destroy -— REGulate -— control -— destroy -— REGU

[GeronL]

These companies will never be profitable, read: sustainable

[risen_feenix]

How many of these need to go under before the American body politic realizes that they dun been hustled?

[Huebolt]

Dumb-ass liberals see the awesome industrial might of the United States powered by...

Sunshine, lollypops, and rainbows.

[lowbridge]

Bump

[the_devils_advocate_666]

Sunshine, lollypops, and rainbows.

[Standing Wolf]

Another crony capitalism success story for President Food Stamps.

[qaz123]

don’t forget, unicorns

[Senior Chief]

This is the list I have compiled (so far) of failed “green” companies:
Abound Solar
Bright Source
Ener1
SunPower
Tesla
Fisker
Beacon
LightSquared
Solyndra
A123
Uni-Solar
Azure Dynamics, Inc
Ecotality, Inc
Solar Trust

[Senior Chief]

This is the list I have compiled (so far) of failed “green” companies:
Abound Solar
Bright Source
Ener1
SunPower
Tesla
Fisker
Beacon
LightSquared
Solyndra
A123
Uni-Solar
Azure Dynamics, Inc
Ecotality, Inc
Solar Trust

[Lmo56]

LightSquared

LightSquared was never a "green" company - just an Internet company that wanted to use spectrum that was SO close to the GPS system spectrum that it interfered with it ...

Once the FCC proved that this was true - LightSquared's license was denied ...

And, oh yes, LightSquared DID give a pile of cash to the Obama campaign ...

[bluecat6]

So unlike Solyndra this looks like a loan guarantee. I assume that means SOMEONE ELSE made the actual loan and DOE just guarenteed it - right?

So who are the lucky investors that get their money back - from the taxpayers - for backing this pig?

[NormsRevenge]

not everything is rosy in Germany, it seems.. at least when it comes to solar..

—

Solar Millennium files for bankruptcy in collapse of Bay Area firm

By George Avalos
Oakland Tribune

http://www.mercurynews.com/business/ci_20308677/solar-millennium-files-bankruptcy-collapse-bay-area-firm

Oakland-based Solar Millennium, Solar Trust of America and a group of affiliates filed for bankruptcy on Monday to reorganize their finances, in another meltdown of a Bay Area solar company.

Solar Millennium is building one of the largest solar projects in the world, a 7,000-acre complex near the Riverside County community of Blythe.

The plants in the Blythe project are capable of delivering 1,000 megawatts of electricity, enough power for 300,000 homes, according to court papers filed on Monday.

The Germany-based owner of the East Bay companies, Solar Millennium A.G., had filed in late December for insolvency in Europe.

[Tzimisce]

They cleaned out the treasury and went to the Bahamas.

Another day in Obamaland. :)

[Leep]

The dimwits who voted for Obummer most be so proud.

[HKMk23]

“My sense is that with the large investment in what was to have been the world’s largest solar power plant, someone somewhere will buy it and build it.”

Oh, of course, because every venture capitalist dreams of blowing their wad on the next Green Titanic, and this — well, pffft — it’s...BIG, and it’s SOLAR, so it’s just GOTTA fly; it’s just GOTTA! Yeah, and somebody’ll do it just to be able to say “We built the biggest one out there.”

Hey, Mr. Lane; do you know what an albatross is?

[4rcane]

Tesla is a electric car company owned by Elon Musk. I don’t think its dead yet

[QT3.14]

--Solar Trust of America files bankruptcy --

Will Wind Trust of America be the next bankruptcy when Zero Motors comes out with their car powered by Wind?

[SunkenCiv]

Thanks mdittmar.

[hinckley buzzard]

You can add Evergreen Solar to that list. First Solar, America's largest pure solar play, is on the endangered list.

[madison10]

I’ve lost count, how many failed “green” businesses does that make? Ten?

[Brad from Tennessee]

This is a criminal conspiracy. The White House—actually the Chicago cabal that controls it—uses these failing companies as vehicles to launder DOE money in the billions. It will take years and a lot of auditors to unravel this. And this is just a fraction of the trillion-dollar “stimulus” with all its kick-backs, rake-offs and skims.

[MadMax, the Grinning Reaper]

This will give the taxpayers/voters something to CHU on in November.

Another Obama failure. It’s getting crowded under that solar energy-powered bust, er, bus.

[TheOldLady]

Okay, we're onto them. Now, what can we do about it, and who has the power on our side to do it? Don't ask me, because I have no idea.

But bellyachin' to each other about the problem isn't going to get our 15 trillion $ back.

[21twelve]

“..world’s largest solar power plant, someone somewhere will buy it and build it.”

That makes as much sense as the multimillion dollar Italian styled home plunked into a nearby middleclass neighborhood of ours. It is HUGE, and has VERY elaborate styling, big white stucco wall all the way around, tile drive, statues, a fountain, etc. I figured some big shot with eccentric tastes was having it built for himself.

About halfway through a For Sale sign went up on it! It has had a For Sale sign on it for 7+ years now. Although I do see a car in the drive once in awhile.

“It is such a nice house, I’m sure someone will buy it.”

[AFPhys]

Add EV-1, Ballard Power Systems, and of course GM’s “Volt” to that list (Certainly GM’s management and stockholders don’t consider the last a “success”)
http://www.realclearmarkets.com/articles/2012/02/01/electric_cars_doubling_down_on_dumb_99493.html

Willard & Kelsey Solar Group LLC laid off about 40 people indefinitely ... to “make changes to production line improvements” ... [though they] would not say when the changes would be completed or when the laid-off employees could return to work. http://www.theblaze.com/stories/government-backed-solar-company-laying-off-employees-after-promising-hundreds-of-new-jobs/

Amonix (through subcontractor Flextronics Industrial) laid off about 200 of its 300-plus employees. Of course, they too are “retooling” the factory. I read that last as meaning they are trying to mine for more subsidies. http://www.theblaze.com/stories/another-energy-company-lays-off-hundreds-of-workers/

There may be more you can discover under FR keyword “FailedGreen” (Technologies, Companies) which I have listed on my homepage, but I don’t have time to check that right now. Please feel free to add FailedGreen to any appropriate FR articles you notice.

[LibsRJerks]

Okay, we’re onto them. Now, what can we do about it, and who has the power on our side to do it? Don’t ask me, because I have no idea.

But bellyachin’ to each other about the problem isn’t going to get our 15 trillion $ back.

*
Dam right. I can hardly laugh at the jokes anymore ...this IS criminal. Why are Americans being continuously subject to this?? Why does’t ANYONE on our side raise holy hell???

[dearolddad]

This is the list I have compiled (so far) of failed “green” companies:

Abound Solar

Bright Source

Ener1

SunPower

Tesla

Fisker

Beacon

LightSquared

Solyndra A123 Uni-Solar

Azure Dynamics, Inc

Ecotality, Inc

Solar Trust

Do you have a list of successful "green" energy co,s

[skinkinthegrass]

"They cleaned out the treasury and went to the Bahamas..Another day in Obamaland. :) "so they could really enjoy taxpayer's $$$$ and some real solar power...suntanning.

[skinkinthegrass]

(rolling :) powered by gravity/heated by Mr. Sun
...financed by (ultimately)by the US taxpayers

[HKMk23]

What you said.

Except I’d buy the house before I’d invest in the solar thing.

BTW: Did you enjoy the Time Machine tour?