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Thread: Salazar approved solar project a bust

  1. #1

    Salazar approved solar project a bust

    Almost a year ago to the day the Department of Interior issued a press release boasting that Secretary Ken Salazar had “approved the first large-scale solar energy plants ever to be built on public lands.”

    As with Obama administration renewable energy initiatives, there were the promises of massive amounts of electrical power and “green jobs.”

    the U.S.-based companies [will have] access to almost 6,800 acres of public lands for 30 years to build and operate solar plants that could produce up to 754 megawatts of renewable energy, or enough to power 226,000 – 566,000 typical American homes. The projects will generate almost 1,000 new jobs.

    One of the major players was Arizona-based Stirling Energy Systems out of Scottsdale, which was to provide the technology for Tessera Solar of Texas to move forward with the massive Imperial Valley Solar Project in Imperial County, California.

    What a difference a year makes. Stirling Energy Systems (SES), a manufacturer of mirrored solar dishes, just filed Chapter 7 bankruptcy meaning it will close its doors, cease all operations, and liquidate any remaining assets.

    Warning signs appeared shortly after Salazar’s announcement. In December 2010, GreenTech Media reported in an article titled “Are Stirling Energy, Tessera Solar in Trouble?”

    Days after getting an administrative reprieve for a massive solar project, things aren’t looking so hot for Stirling Energy Systems and its development partner, Tessera Solar.

    Steve Cowman, who was the CEO at SES until recently, has left the company, as have a number of other executives. Meanwhile, Tessera laid off between 50% to 80% of its employees last month, according to sources. Rumors began percolating about problems at the companies, which work together and are part of an Irish conglomerate called NTR, last month.

    Despite a $7 million grant from the federal government, SES needed more cash and couldn’t secure it. Kirk Busch, “chairman of AZ4Solar.org, a Tempe-based trade group that advocates solar energy” and creditor of SES, told Arizona Central that the math didn’t add up and neither did the technology. Busch called it “still a science project.”

    AZCentral reports that SES lists $1 to $10 million in assets and $50 to $100 million in liabilities, with hundreds of creditors.

    The Imperial Valley Solar Project has changed hands twice and is also plagued by lawsuits including one from Native Americans who claim the project will harm sacred cultural sites. The future of the project, which appeared uncertain back in June, now has gotten darker.

    Another green project with federal backing gone bust.

    Thank you to a reader who provided the SES bankruptcy tip. If you have an energy story or tip, email [email]amy@i2i.org[/email].


    [url]http://energy.i2i.org/2011/10/02/salazar-approved-solar-project-a-bust/[/url]

  2. #2
    Venture socialism (got that from a poster on the NY Times) never works. And now Nancy Pelosi's brother-in-law got about $700 million for his solar project.

    [quote][url]http://www.dailymail.co.uk/news/article-2043282/Nancy-Pelosis-brother-law-given-loan-bigger-Solyndra-solar-plant.html[/url]

    [SIZE="4"][B]Nancy Pelosi's brother-in-law is given $737m of taxpayers' money to build giant solar power plant in middle of the desert
    [/B][/SIZE]

    By John Stevens and Leon Watson

    Cronyism? A solar energy project backed by Nancy Pelosi's brother has been granted a massive government loan (file picture)

    Cronyism? A solar energy project backed by Nancy Pelosi's brother has been granted a massive government loan (file picture)

    Nancy Pelosi is facing accusations of cronyism after a solar energy project, which her brother-in-law has a stake in, landed a $737 million loan guarantee from the Department of Energy, despite the growing Solyndra scandal.

    The massive loan agreement is raising new concerns about the use of taxpayers' money as vast sums are invested in technology similar to that of the doomed energy project.

    The investment has intensified the debate over the effectiveness of solar energy as a major power source.

    The SolarReserve project is backed by an energy investment fund where the Minority Leader's brother-in-law Ronald Pelosi is second in command.

    PCG Clean Energy & Technology Fund (East) LLC is listed as one of the investors in the project that has been given the staggering loan, which even dwarfs that given to failed company Solyndra.

    Other investors include one of the major investors in Solyndra, which is run by one of the directors of Solyndra.

    Steve Mitchell, who served on the board of directors at the bankrupt energy company, is also managing director of Argonaut Private Equity, which has invested in the latest project.[/quote]

    Romney-Cain 2012

    :usaflag:

    :jet17

  3. #3
    Romney is a White Obama.

  4. #4
    since we are talking about the gov't loans

    they handed out 28 loans in that same program that Solyendra got their money. the total outlay was something like 15 billion.

    most of those loans were to power generation facilities that were being built but couldn't get credit during the crunch. No bank wanted to lend 700 million to build a solar array.

    from all accounts, the vetting process was extremely thorough and most of these projects seem like they will either make money, help the country produce power (without buying it from terrorists) or both.

    the solyendra thing sucked but it seems to be a good program overall. 1 failure out of 28 isn't a bad rate. Like this Solar Reserve project aside from it being a relative of Pelosi it's a great idea and a good thing to have solar array in the desert. that's a smart move.

    Haters will say the gov't shouldn't be involved in this type of thing but its energy policy and it's the domain of the gov't to make sure we get it from places that don't want to blow us up. It's also a national security issue to be energy independent. Obama has pushed Coal, Nuclear as well this is another part of the puzzle. We will need all of it. China is building solar arrays like crazy it's not a republican or a democratic idea it's the future.

    Or we could just buy our energy from King Abdullah of Saud and see how that goes.
    Last edited by bitonti; 10-04-2011 at 11:24 AM.

  5. #5
    [QUOTE=bitonti;4174432]since we are talking about the gov't loans

    they handed out 28 loans in that same program that Solyendra got their money. the total outlay was something like 15 billion.

    most of those loans were to power generation facilities that were being built but couldn't get credit during the crunch. No bank wanted to lend 700 million to build a solar array.

    from all accounts, the vetting process was extremely thorough and most of these projects seem like they will either make money, help the country produce power (without buying it from terrorists) or both.

    the solyendra thing sucked but it seems to be a good program overall. 1 failure out of 28 isn't a bad rate. Like this Solar Reserve project aside from it being a relative of Pelosi it's a great idea and a good thing to have solar array in the desert. that's a smart move.

    Haters will say the gov't shouldn't be involved in this type of thing but its energy policy and it's the domain of the gov't to make sure we get it from places that don't want to blow us up. It's also a national security issue to be energy independent. Obama has pushed Coal, Nuclear as well this is another part of the puzzle. We will need all of it. China is building solar arrays like crazy it's not a republican or a democratic idea it's the future.

    Or we could just buy our energy from King Abdullah of Saud and see how that goes.[/QUOTE]

    You keep ignoring the most important fact---

    That the loans to Solyndra were approved [I][U]AFTER[/U][/I] Obama was told that the company was not going to make it.

    Are you ready to acknowledge that or do you prefer to continue to read your script that we all know by now just as well as you do?

  6. #6
    [QUOTE=Frequent Flyer;4175844]
    That the loans to Solyndra were approved [I][U]AFTER[/U][/I] Obama was told that the company was not going to make it.

    Are you ready to acknowledge that or do you prefer to continue to read your script that we all know by now just as well as you do?[/QUOTE]

    there were 28 loans... if only 1 goes bad it's a good ratio.

    I support energy independence. the alternative is buying our energy from terrorists.

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