Another Obama-Funded “Green Energy” Company Goes Belly Up: Solar One Files For Bankruptcy After Being Awarded $ 2.1 Billion Taxpayer-Funded Loan…
WILMINGTON, Del. (AP) — 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’s Chapter 11 filing on Monday listed assets between $ 1 million and $ 10 million, and liabilities between $ 10 million and $ 50 million.
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. The project was touted as the world’s largest solar power plant and a keystone of the Obama administration’s efforts to promote solar energy.
http://weaselzippers.us/2012/04/02/anoth…
More Pages:
- Solar Energy: How Hilarious Is It That The Obama Administration Is Now Trying To Blame The Solyndra Scandal On Bush? (4/15/2012)
- Solar Energy: Is Obama Obligated To Subsidize Failing Solar Companies? (4/14/2012)
- Are Republicans so desperate that they’re trying to pin Solyndra on Obama?
- Solar Energy: Do You Have A Problem With The Latest Solar Loans? (3/10/2012)
- Solar Panel: Was SOLYNDRA OFFERED $535 MILLION LOAN GUARANTEE BY THE U.S. DEPARTMENT OF ENERGY? (11/21/2011)
{ 6 comments… read them below or add one }
I think Obama and his like-minded friends should fund “green energy” with their own money and leave the rest of us out of it.
Sure looks that way.
More evidence that Obama and company have no idea what they are doing. Still more of our money wasted on failures. Has Obama done anything that did not result in failure and has any Obama failure not been blamed on somebody else?
It is possible. You have to wonder when it shows a loan of 2.5 billion across the bottom of the screen but the reporter says 2.5 trillion and another says there was no loss to taxpayers since the government funded the loan. You really have to wonder.
Yes it did and it is beginning to look like a pattern here, maybe even a scam to relieve the tax payer out of some cash
Yet more $ wated on green technology.
That would be a convincing attack, if it were true.
“Uwe T. Schmidt, chief executive of Solar Trust, says he is a fan of the Energy Department’s loan-guarantee program. He met with Energy Secretary Steven Chu and the program’s director, Jonathan Silver, when his company was seeking support for a 1,000-megawatt solar thermal plant it wanted to build in the California desert in Riverside County.
But when the department offered him a $ 2.1 billion loan guarantee, Schmidt turned it down. It would have been one of the largest stimulus-funded clean-technology projects, and Solar Trust had been negotiating the deal for roughly a year. But Schmidt decided it was too risky.”
Translation for conservatives, Solar Trust didn’t take the loan