Another Gov’t-Backed Clean Energy Co. Touted by Obama Admin Goes Bankrupt
- Posted on April 2, 2012 at 2:44pm by
Becket Adams
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A California solar energy company that was unable to meet a deadline for an Energy Department loan guarantee last year has sought bankruptcy protection in Delaware.
“Solar Trust of America LLC…holds the development rights for the world’s largest solar power project,” Reuters reports, “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 [emphasis added].”
Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million.
“We have been working with Solar Trust of America for a couple of years in getting this project going,” David Lane, Blythe’s city manager, said in an interview with Reuters. ”Although the project is not in the city limits, we are the only city within 100 miles. 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.”
The company said it “ran short of liquidity” after Solar Millennium AG, which holds a 70 percent stake, sought court protection in December, according to Reuters.
“Solar Millennium then tried to sell that stake to solarhybrid AG, but that transaction collapsed when solarhybrid also sought court protection in Germany,” the report adds.
The filing comes amid the ongoing controversy surrounding Solyndra, a solar firm that received a half-billion dollar federal loan and was touted by the Obama administration before declaring bankruptcy last year.
Interior Secretary Ken Salazar and California Gov. Jerry Brown were on hand last June when Solar Trust broke ground on a 1,000-megawatt project in California.
“This groundbreaking today needs to be viewed in the context of the energy blueprint for the United States of America, which president Obama has been working at,” Salazar said in 2011.
The groundbreaking ceremony was attended by US Secretary of the Interior Ken Salazar & California’s Governor Jerry Brown
“We believe we can secure the energy future of the United States of America by doing the right things with domestic development of oil and gas both onshore and offshore in the right places and in the right way. But we also believe that the energy future of the United States is based on alternative energy, and there is no better example than what we are doing here in California,” he added.
The Associated Press contributed to this report. This story has been updated.
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Comments (86)
happ77
Posted on April 2, 2012 at 3:44pmUh oh, maybe we should shift our resourses to algae before the
Report Post »Chinese corner the market. How freakin stupid can these libs get.
This guy’s a real tool, or is that stool ?
dmerwin
Posted on April 2, 2012 at 4:16pmAre you kidding, Obama will promise to borrow 4 billion dollars of Chinese money to GIVE to Chinese business to develop algae. Oh wait, he did that with solar. Well why not algae too, and “We’ll be your best customers”. Oh wait, that was Brazil with deep water drilling. But dammit we will not drill off of Florida. Oh wait, that will be the Cubans, the country not Mark, the Obama donor.
Report Post »turkey13
Posted on April 2, 2012 at 4:42pm:Giving money and power to Government is like giving whisky and car keys to teenage boys.” P. J. O’Rourke
“Power corrupts. But it does more than that. Power attracts the corrupt, then corrupts them further.” Don Matthews
Report Post »MAMMY_NUNN
Posted on April 2, 2012 at 6:23pmThere isn’t enough space to even begin to dent green energy.
Report Post »http://www.datacenterjournal.com/facilities/apples-solar-farm-stewardship-or-marketing/
MAMMY_NUNN
Posted on April 2, 2012 at 6:27pmSome old news
old news
http://green.blogs.nytimes.com/2009/08/05/battle-brewing-over-giant-desert-solar-farm/
http://www.dailytech.com/Californian+Environmentalist+Senator+Fights+Solar+Wind+Projects/article17197.htm
Report Post »Dale
Posted on April 3, 2012 at 1:29amI am reminded of ‘Burster’s Millions’. The sequel ‘Barry’s Trillions’. Can hardly wait for the next one.
Report Post »HKS
Posted on April 2, 2012 at 3:41pmWow, this Obama guy is one savvy business profit. Can you just imagine if everyone had followed his lead and made this investment, we would all be rich. Looks like this one turned out like all the others.
Report Post »Link8on
Posted on April 2, 2012 at 5:52pmNotice how many of these solar companies concentrate in CA and NV ? Both states w key Democratic senators ?
I can understand the SW geographic for solar testing and development. But I wonder why TX or FL, other southern high sunlight area states never get mentioned in the DOE loan scandal stories.
The mainstream media could quickly point out such details and then open it up to blaming a Bush.
Report Post »kaydeebeau
Posted on April 2, 2012 at 7:26pmPerhaps someone can answer the question, where are we supposed to get all the real estate upon which to plant the windmills? I did a rough calculation a few months backed on info I gleaned from the internet as to outputs and other requirements for windmills. There is a small power plant called Comanche River (I think that was the name) To replace the energy output of that one plant with windmills would require a 2 mile wide, 125 mile long swath of ground. That is a 2 mile wide patch of windmills from Nashville to Chattanooga. Just saying…..doesn’t seem very practical to me
Report Post »cookcountypatriot
Posted on April 2, 2012 at 3:36pmthese garbage solar companys are clearly money laundering operations.its either that or these progressives really do suffer from a mental illness…maybe its both…yeah its both…whats next??.nbc framing white people ..hmmmmmmmmmmmmmmmmm
Report Post »Tigress1
Posted on April 3, 2012 at 8:40amMoney laundering operations – that was my first thought too when I heard about this. Somehow these places need to be audited, but not by the Obama administration. We all were wondering where the so-called Stimulus Bill money went – now we know. How can any company that receives $2.1 BILLION go bankrupt within a couple of years??? This money is going someplace else because this is too much money to lose so quickly. The name “Solar TRUST” sounds like a typical Progressives’ pun on words – they think it’s funny, because they know we shouldn’t have trusted them.
I also want to know why the DEPT. OF ENERGY is giving out loans? The DEPARTMENT OF ENERGY is not a BANK!
Report Post »johnpaulkuchtajr
Posted on April 2, 2012 at 3:34pmThe Ayatollah Obama is like a kid in a candy shop.
Never in his wildest dreams back when he was learning corrupt political manuevers at the side of Richard Daley did Obama ever think he would have such a cash cow to milk for campaign “donations.” The DoE has accounted for untold losses to the US taxpayera and unbelievable political kickbacks to Obammie.
Couple those DoE kcikbacks with under-the-radar donations from the Iranain mullahs and Obama could give a damn how much money Romney raises. Life is good and Obama has avoided prison, unlike his old campaign manager, Blago!
Report Post »wewantchillywilly
Posted on April 2, 2012 at 3:32pmthey have shovel props? look at those things!
those aren’t shovels. they are 3 feet long. no wonder the company failed. you gotta get a better shovel guy, solar trust!
Report Post »Exrepublisheep
Posted on April 2, 2012 at 3:19pmREAD! The company DID NOT GET the money.
Report Post »dmerwin
Posted on April 2, 2012 at 3:24pmSo they KNOW they are going bankrupt and ask for the money and got a conditional loan guarantee. At this stage after Solyndra et al. This is even worse.
Report Post »Blackhawk1
Posted on April 2, 2012 at 4:40pmSheep
Read again fool, “Solar Trust of America LLC…holds the development rights for the world’s largest solar power project,” Reuters reports, “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”
They went Bankrupt before they could take taxpayers to the cleaner like Solyndra did. This clearly explains why most of the people in the Obama Administration never worked in the Private sector, they would all be on welfare if they did.
Report Post »Tigress1
Posted on April 3, 2012 at 8:47amThis article says that they DID get the loan in April 2011, and the gov. is now responsible for Solar Trust’s debt:
http://venturebeat.com/2011/04/19/solar-trust-doe-loan-thermal/
Report Post »Tigress1
Posted on April 3, 2012 at 9:00am…and now this article says that Solar Trust was approved for the loan guarantee, but they turned it down:
http://www.washingtonpost.com/business/economy/some-clean-energy-firms-found-us-loan-guarantee-program-a-bad-bet/2011/09/13/gIQA9n5J0K_story.ht
I guess it’s up to us which story we want to believe.
Report Post »ChildofJesus
Posted on April 2, 2012 at 3:14pmi just read this on fox nation..never has there ever been a more evil person that i’ve despised more then Obama!!
Report Post »thekuligs
Posted on April 2, 2012 at 3:12pmThis isn’t a repeat of OH, every other week this year.
Report Post »dmerwin
Posted on April 2, 2012 at 3:20pmIt is. The question to ask is, how many more “green” companies have received funding from the government and what is their financial status?
Report Post »dmerwin
Posted on April 2, 2012 at 3:21pmAre there ANY successful ventures?
Report Post »TheObamanation
Posted on April 2, 2012 at 3:11pmWe have MANY real life examples of the liberal agenda failing … not computer models … this should be enough proof to any reasonable person that these theories just don’t work in the real world.
Report Post »dmerwin
Posted on April 2, 2012 at 3:18pmWe see that but apparently Brian Williams, Katie Couric, Diane Sawyer and other manipulators of public opinion don‘t or won’t cover it.
Report Post »Steve28
Posted on April 2, 2012 at 3:09pmApparently, at Harvard Barrack learned nothing in his econ classes about free markets, supply and demand, efficient use of resources. Who said he was so smart. Right, the idiots in the press that wanted him to be and stay President.
Report Post »TheObamanation
Posted on April 2, 2012 at 3:13pmI haven’t seen any proof that he is smart … he can read a mean teleprompter though … I’ll give him that
Report Post »2smart
Posted on April 2, 2012 at 3:08pmThe Empty Suit doesn’t care. It’s not his money and theirs plenty more where that came from. Besides, if the stockpile is low, just print more, just don’t let it get in the way of golf or sending Moo-chelle on vacation.
Report Post »13th Imam
Posted on April 2, 2012 at 3:03pmRemember that Only Actual Federal Taxpayers, not the 47% that make NO FEDERAL Contribution, paid for these Green Thieves ,Obama collaboration.Any of you that didn’t pay into the Federal Tax Cesspool, have no reason to complain. And most non-payers are from the Barry Taker Class.
Blaze, please put All the Obama Green Energy FAILURES, and the resultant losses in one article. And name the org’s and the Green CEO thieves by name.
Report Post »dmerwin
Posted on April 2, 2012 at 3:15pmMore importantly conservatives running for office NEED to use this material, especially in interviews and press conferences with the MSM.
Report Post »LaderaCa
Posted on April 2, 2012 at 4:39pmWhen compiling the list, please also include state and local funds/tax breaks as well as names of investors and/or board members and their links, if any, to BHO.
Report Post »IMCHRISTIAN
Posted on April 2, 2012 at 3:03pmAdd this to the list of why not to vote for Obama. I sure hope all is legal voting duh!!
Report Post »FloridaFarmGirl
Posted on April 2, 2012 at 3:03pmI remain convinced that these idiots in the White House are doing this on purpose. Nobody can be as stupid as these people. The master plan is to bankrupt this country so that we can all be poor socialists together. Obama cares nothing for America, he has always wanted to be a world leader. Vote for whoever it is that winds up running against Obama and vote Republican for the House and Senate so that we can get this country turned around before it’s too late!!
Report Post »dmerwin
Posted on April 2, 2012 at 3:14pmOh I think he would like for green energy to work. He just doesn’t seem to realize how expensive it really is. He also sees it as a “mission” so cost be damned.
Report Post »Arc
Posted on April 3, 2012 at 4:29amI’m with you girl…….create so much divisiveness in the country..( never lat a good crisis go to waste )
Report Post »drive a wedge between the POOR, the MIDDLE CLASS and the RICH, Take every opportunity to fan the dying embers of racism, manufacture problems where non exist, accuse anyone of being racist if they disagree with you, turn your back on our staunchest ally in the mid-east, cozy up to the Marxist supporters of Black Liberation Theology,
Seagal45
Posted on April 2, 2012 at 3:01pmGeez, don’t let obummer around your businesses. They all go bankrupt within a year. I want my money back!
Report Post »johnjamison
Posted on April 2, 2012 at 2:59pmOne word “ ACCOUNTABILITY” is all it takes to fix Washington.
Report Post »beckwill
Posted on April 2, 2012 at 2:58pmJunk science bunch of nonsense! I love COAL!
Report Post »progressiveslayer
Posted on April 2, 2012 at 2:58pmThis is shocking,you mean to tell me central planning doesn’t work? Who would have thought that?
Report Post »N.Korea and Cuba two central planned communist countries,there’s a pattern here central planning always fails yet these morons in our government will continue to beat a dead horse.
wildturkeywatcher
Posted on April 2, 2012 at 2:58pmWhich one of his contributors got the money? When we lose, one of his buddies makes out like a bandit. Our first affirmative-action president is totally corrupt.
Report Post »bassist237
Posted on April 2, 2012 at 2:57pmJust curious, but is there a list of ALL of the Green places that the POTUS backed and supported that have gone bankrupt, and those that haven’t yet? It would be interesting to watch the rest of them fall. Good God, power of the people is strong. I love capitalism, the best part is if it sucks, then people generally tend to stay away from it. LET IT FAIL, that way they can restructure and do BETTER than just throwing money at FAILING crap. Same thing we should have done with the banks, with the auto industry.. Washington needs to get its claws off of everything and just let things fail. I fail everyday, but at least I learn from it.
Report Post »dmerwin
Posted on April 2, 2012 at 3:23pmBy now, that is the question to ask. A complete audit of all government funded “green” energy concerns.
Report Post »CommonSensei
Posted on April 2, 2012 at 2:57pmObama wants us greened back to the pre-industrial age while he steals and debases OUR money to redistriubute to scammers who hate Whitey. He is guilty of TREASON and should be called out as such. Anything less is an insult to the intelligence of freedom loving Americans
Report Post »Obobitsu
Posted on April 2, 2012 at 2:54pmNo way!!! A solar company went up in flames with my money…again..Thanks BHO. your awesome.
Report Post »oldguy49
Posted on April 2, 2012 at 2:58pmand the great man speaks again…………..SURPRISE………..SURPRISE…………….SURPRISE
Report Post »CatB
Posted on April 2, 2012 at 3:01pmOf couse .. if there was any PROFIT in it … someone would do it WITHOUT the government!
OMG 2012!
Report Post »dmerwin
Posted on April 2, 2012 at 3:26pmCatB
Report Post »Bingo, we have a winner!
TXPilot
Posted on April 2, 2012 at 2:53pmI guess a story like this would probably make me more angry, if I hadn’t long since become numb to the amount of OUR money that the government wastes. $150m an hour in new debt, stupid “green” companies going bankrupt everywhere that were financed with OUR money, special interest groups getting boatloads of OUR money, etc….etc…etc…..Even if we get that @sshole out of the White House the end of this year, the country, at least in a financial sense, is pretty much doomed.
Report Post »dmerwin
Posted on April 2, 2012 at 2:52pmIn the words of the great American philosopher Gomer Pyle, “Surprise, Surprise, Surprise!”
Report Post »IMCHRISTIAN
Posted on April 2, 2012 at 3:06pmThat was a perfect line.
Report Post »Eric_The_Red_State
Posted on April 2, 2012 at 2:49pmThe only way Obama will win this election is if people like you and me don’t VOTE.
We will be handing our freedom away unless we make it a point to get everyone we know and everyone they know…out to vote.
Stop this progressive Socialist movement.
Report Post »Stop allowing our goverment to buy votes with YOUR money.
Take back the power – Take back our country.
dmerwin
Posted on April 2, 2012 at 2:53pmAmen brother.
Report Post »johnjamison
Posted on April 2, 2012 at 2:58pmEvery single clean energy and green energy company can only survive by tax funds NOT tax break but literally using tax dollars to fund it’s operation.
Report Post »First Solar got 17 million in stimulus dollars and is not purchasing 455,000,000 dollars worth of it own product through tax payer fund subsities.
Shasta
Posted on April 2, 2012 at 5:18pmEvery day I wake up in despair, wondering what Obama will do to our country on the new day. Every day I get my answer, and after all I have seen in the last three years, every day I am still shocked. It is getting to be a heavy weight seeing the news everyday. I have often thought about checking out of the process. But that is what the liberals want, for people like us to give up. I will not comply.
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