Posted on 07/06/2012 11:10:03 AM PDT by kcvl
The Obama Administration’s “green jobs” agenda is apparently not limited to the United States. According to CNS News, the administration created a $20 million grant that will go toward creating green projects...in Africa.
The U.S. government is spending $20 million to “help clean energy projects in Africa get started.” Those projects include wind farms and solar panels, Secretary of State Hillary Clinton announced at the recent Rio +20 Conference in Brazil.
But the government watchdog Judicial Watch criticized the spending as wasteful, given the administration’s track record in trying to pick green energy winners.
“The U.S.-Africa Clean Energy Finance Initiative will help clean energy projects in Africa get started,” said Clinton in her June 22 speech. “This is an innovative partnership between three United States government entities – the State Department, OPIC (the Overseas Private Investment Corporation), and the U.S. Trade and Development Agency. We want to drive private sector investment into the energy sector.”
Clintonsaid the initial $20 million grant will "leverage much larger investment flows from OPIC,” which is the U.S. government's development finance institution. “That will open the door then for hundreds of millions of dollars of OPIC financing, plus hundreds of millons of more dollars from the private sector for projects that otherwise would never get off the drawing board.”
(Excerpt) Read more at townhall.com ...
Obama Administration to Spend $20 Million on Green Energy Plan – For Africa
By Sabrina Gladstone
July 5, 2012
(CNSNews.com) – The U.S. government is spending $20 million to “help clean energy projects in Africa get started.” Those projects include wind farms and solar panels, Secretary of State Hillary Clinton announced at the recent Rio +20 Conference in Brazil.
But the government watchdog Judicial Watch criticized the spending as wasteful, given the administration’s track record in trying to pick green energy winners.
“The U.S.-Africa Clean Energy Finance Initiative will help clean energy projects in Africa get started,” said Clinton in her June 22 speech. “This is an innovative partnership between three United States government entities – the State Department, OPIC (the Overseas Private Investment Corporation), and the U.S. Trade and Development Agency. We want to drive private sector investment into the energy sector.”
Clinton said the initial $20 million grant will “leverage much larger investment flows from OPIC,” which is the U.S. government’s development finance institution. “That will open the door then for hundreds of millions of dollars of OPIC financing, plus hundreds of millions of more dollars from the private sector for projects that otherwise would never get off the drawing board.”
http://cnsnews.com/news/article/obama-administration-spend-20-million-green-energy-plan-africa
This Administration is set up like a giant 3-card monte game.
Kick Backs come to mind here. Why else would anyone do this?
There's an Executive card, a Legislative card, and a Judicial card... and each says we're the government, you're not.
Since solar has woerked so well...
Bankruptcies of Federally Backed Green Energy Companies Continue
The Obama administration’s problems continue to mount because of its massive financial support of the so-called green industry. Perhaps the most well-known example of such boondoggles is the solar panel firm Solyndra, which went bankrupt last fall after a federal loan guarantee of $535 million. And there have been a string of other such clean energy company bankruptcies since then, at a huge waste of taxpayer money.
This week, yet another clean energy company heavily underwritten by federal loans, Abound Solar in Colorado, declared bankruptcy, leaving the taxpayers on the hook for $70 million.
According to Northern Colorado Business Report,
Abound Solar is estimating its liabilities amount to $100 million to $500 million, making its financial collapse one of Colorado’s largest corporate bankruptcies in recent memory.
Abound last week announced it planned to seek bankruptcy but left unclear whether it would try to reorganize under Chapter 11 or file for Chapter 7. This week, in U.S. Bankruptcy Court for the District of Delaware, it clarified its intent.
It filed Chapter 7, meaning the company intends to halt its operations and dissolve.
And the problem with these massive federal loans supporting failed operations is not limited to solar projects. Nevada Geothermal Power, which has received $98.5 million in federal loan guarantees, is running into serious difficulties paying its bills after having operated at a loss for several years.
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