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Another Epic Fail for Stimulus Spending and the Green Economy


The Green Economy Revolution promised by Obama and Van Jones suffered another casualty today.  Solar Millennium has filed for bankruptcy and that sucking sound that you are hearing is another $2.1 billion loan guarantee from the U.S. Department of Energy. Strike one was the Solyndra debacle and  Steven Chu should have been fired for incompetence.  Here is his second strike:

But will this third strike be enough to remove him from office? The economy cannot sustain $4/gallon for gas but this is not their goal. As stated publicly, they want to raise the cost of gas so that we do not drive as much. Their logic is to reduce our dependence on foreign oil. The truth is that the United States is now exporting gasoline overseas. Food and energy are the main tools that the government is using to control the people. Cold and hungry are not a good combination unless the goal is to instigate civil unrest.

David DeGerolamo

DOE Offers $2.1 Billion Conditional Commitment Loan Guarantee, Supp...

April 18, 2011

Washington D.C. — U.S. Energy Secretary Steven Chu today [April 18, 2011] announced the offer of a conditional commitment for a $2.1 billion loan guarantee to support Units 1 and 2 of the Blythe Solar Power Project, sponsored by Solar Trust of America, LLC. The concentrating solar thermal power plant includes two units comprising a combined 484 megawatt (MW) generating capacity, an eight-mile transmission line and associated infrastructure. The project will be built adjacent to the City of Blythe in Riverside County, California and is expected to create over 1,000 construction jobs and approximately 80 operations jobs. The plant is estimated to avoid over 710,000 tons of carbon dioxide emissions annually, equivalent to the annual greenhouse gas emissions from over 123,000 vehicles.

“Loan guarantees play an important role in facilitating the development and deployment of innovative technologies at massive scope and scale,” said Secretary Chu. “Continued investments like this project make solar power more efficient and cost competitive while creating thousands of jobs and strengthening the economy.”

“California is the national leader in clean energy, and our great state is poised to become the world leader in renewable energy generation,” said Governor Jerry Brown. “I commend President Obama and Secretary Chu for making another major investment in California.”

“This clean energy project will create more than 1,000 jobs and strengthen the economy of Riverside County. Investments like this one are critical to reducing America’s dangerous dependence on foreign oil, protecting our children from pollution and creating clean energy jobs here in California,” said Senator Barbara Boxer.

More...

Solar Millennium’s U.S. Units File for Bankruptcy Protection

U.S. units of Solar Millennium AG (S2M), the maker of solar thermal power plants undergoing insolvency proceedings in Germany, filed for bankruptcy protection from creditors and plan to sell some businesses.

Solar Millennium Inc., based in Oakland, California, Solar Trust of America LLC and other units listed assets of less than $100 million and debt of as much as $500 million in Chapter 11 papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware.

The parent company “has ceased to provide any funding whatsoever” since its insolvency, the U.S. chief operating officer, Edward Kleinschmidt, said in court papers.

Solar Millennium is building one of the largest solar arrays in the world on 7,000 acres in Riverside County near Blythe, California, he said.

The company joins Energy Conversion Devices Inc., a U.S. solar manufacturer that suspended production last year; LSP Energy LP, the owner of a natural-gas-fired power plant in Mississippi; Ener1 Inc., maker of lithium-ion batteries for plug-in electric cars; solar-panel maker Solyndra LLC; and energy storage company Beacon Power Corp. (BCONQ) in bankruptcy.

The main case is In re Solar Trust of America LLC, 12-11136, U.S. Bankruptcy Court, District of Delaware (Wilmington).

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Comment by Carole Wilson on April 8, 2012 at 2:13pm

we have paid millions in solar companies the lastes in California by Gerry Brown it may be on utube have not had time to check This President is a liar a cheat and if he gets re-elected I am moving to the Caymens plenty of jobs there saw a video on it last night

Comment by Carole Wilson on April 8, 2012 at 12:33pm

What green enery plan?

Comment by Doug Nicholson on April 4, 2012 at 12:56am

The definition of insanity: Continuing to do the same thing over and over and expecting a different result.

Comment by Lanny C. Valentine on April 3, 2012 at 11:48pm

Looks like BO and friends picked another winner.

Comment by Marcia Wood on April 3, 2012 at 2:52pm

Another - problem will be Telsa Motors; we've haven't heard the last of them even tho they shipped our jobs to Finland. There are several other green companies that have declared bankruptcy - Liberal News Media just doesn't want to discuss them...

Comment by Dave Newbry on April 3, 2012 at 10:58am

You didn't need an MBA to see this coming.

Comment by Thomas on April 3, 2012 at 10:52am

The pathetic crowd that we have in this woebegone administration just can't seem to get it together well enough to be able to write the fiat declaration that will amend and modify the fundamental laws of physics so that then their flying circus can be self-levitating and has no need for ropes or wings.  Their only need would be the puppeteer's strings that George Soros et al use.  Have you noticed the facial resemblance that Obama has to both Alfed E. Newman and Howdy Doody?  And he's skinny, also.   

Comment by John Hott on April 3, 2012 at 10:03am

Can you say money laundering operations?  Even with huge subsidies they had to know that these companies would never make money.  My guess is that they just expected it to take a whole lot more time before anyone ever found out they were dark holes into which money was poured in order to enrich leftist friends of the kenyan kommie.

Comment by hunter60 on April 3, 2012 at 9:39am

Can you say "fraud" folks, the U.S. government and its appointed officials are nothing short of common criminals.

Comment by OneCitizenOfTheRepublic on April 3, 2012 at 8:56am

William...not just the two...all three need to be arrested...plus a sleu more

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