Skip to comments.Obama admin approves 2 solar loans worth $1B (Obama blows $1 billion more taxpayer's money)
Posted on 09/28/2011 3:09:13 PM PDT by 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.
(Excerpt) Read more at google.com ...
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!
More money laundering?
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.
As bankrupt as possible. Then government is “forced” to take over.
ping - speechless
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?
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.
Rule of law, forget about it. Obama is our supreme ruler. Bow and pay homage.
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.
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!
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???????
If this is on Federal land, will they pay local taxes? How about rent for the ground going to national debt?
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.
HOLD OBAMA ACCOUNTABLE!!!!!!! VOTE HIM OUT, and all of the other Crooks. Pelosi, Reed and the communist!!!!!!!!!