Yet another has gone belly up. This time it’s a Nevada geothermal company that benefited from a $98.5 million federal loan guarantee:
Auditors for Nevada Geothermal Power have doubts about whether the company can stay afloat, the Washington Times reported Thursday, citing an internal audit of the firm.
The company has racked up $98 million in net losses in the past several years, cannot produce enough cash from current operations after debt-service payments and carries significant debt, the audit said.
Nevada Geothermal Power will hold its annual shareholders meeting on July 24, which will touch on the structure of the firm’s debt regarding the Blue Mountain geothermal power project in Humboldt County, Nev.
That 49.5-megawatt project is what secured the federal loan guarantee in 2010 for the company. The federal government backs 80 percent of the loan.
Maybe it'd be easier to list the successful green energy projects propped up by the Obama administration -- if there are any out there.