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Thread: World's Largest Solar Plant Files Bankruptcy - Had 2nd largest energy loan

  1. #1
    Senior Member HK in AK's Avatar
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    Default World's Largest Solar Plant Files Bankruptcy - Had 2nd largest energy loan

    This stuff just gets funnier and funnier..........Hey just think, it's only your tax dollars!

    Solyndra was just the appetizer. Earlier today, in what will come as a surprise only to members of the administration, the company which proudly held the rights to the world's largest solar power project, the hilariously named Solar Trust of America ("STA"), filed for bankruptcy. And while one could say that the company's epic collapse is more a function of alternative energy politics in Germany, where its 70% parent Solar Millennium AG filed for bankruptcy last December, what is relevant is that last April STA was the proud recipient of a $2.1 billion conditional loan from the Department of Energy, incidentally the second largest loan ever handed out by the DOE's Stephen Chu. That amount was supposed to fund the expansion of the company's 1000 MW Blythe Solar Power Project in Riverside, California. From the funding press release, "This project construction is expected to create over 1,000 direct jobs in Southern California, 7,500 indirect jobs in related industries throughout the United States, and more than 200 long-term operational jobs at the facility itself. It will play a key role in stimulating the American economy, said Uwe T. Schmidt, Chairman and CEO of Solar Trust of America and Executive Chairman of project development subsidiary Solar Millennium, LLC." Instead, what Solar Trust will do is create lots of billable hours for bankruptcy attorneys (at $1,000/hour), and a good old equity extraction for the $22 million DIP lender, which just happens to be NextEra Energy Resources, LLC, another "alternative energy" company which last year received a $935 million loan courtesy of the very same (and now $2.1 billion poorer) Department of Energy, which is also a subsidiary of public NextEra Energy (NEE), in the process ultimately resulting in yet another transfer of taxpayer cash to NEE's private shareholders.
    Full story: http://www.zerohedge.com/news/worlds...les-bankruptcy

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    the Ralph Wiggum of Mp.net. timetraveller's Avatar
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    "SMIRK" Quality ... another one for those green powerd lunatics to swallow ... Get it rite up em .. lolol

    Alcolhol is a better fuel easier to make all round

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    Zune Free At Last FlintHillBilly's Avatar
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    Why do I have a terrible feeling that its not over yet? It's just going to get alot worse.

    Lets push some more green energy while were at it and lay the blame on other outlets.

    Maybe we can hope someone at the DOE will fess up and step down. It's about all we can hope for at this rate.

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    The Chinese Communist are throwing tons of cash into solar under-cutting us in a big way.

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    Falcons FTW Kilgor's Avatar
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    Quote Originally Posted by Ordie View Post
    The Chinese Communist are throwing tons of cash into solar under-cutting us in a big way.
    What about a solar powered liberty prime ?

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    Banned user T3ngu's Avatar
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    Solar can't compete against coal. Full Stop.

    Any surprise here?

    Here the prices have skyrocked making home solar look good.

    Problem is electricity keeps going up in price as users drop. Lose lose

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    ^^^Utility companies have an incentive to promote conservation by not building new plants and digging and transporting fossil fuels.

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    Senior Member Rapier55's Avatar
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    The article seems to be a little confusing, almost conspiracy theorish.

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    I always trust what mr. Taylor Durden tells me.

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    Senior Member Pandemonium's Avatar
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    Quote Originally Posted by timetraveller View Post
    Alcolhol is a better fuel easier to make all round
    Yesterday 20 companies got their license for E15 fuel

    Yesterday in Germany the largest producer of solar panels, Q-cells filed bankruptcy, I see a lot of fingers pointing at China as the culprit, but their not doing well either, a lot of smaller Chinese solarcompanies are in trouble too, with no government money and too many players on a shrinking market the more costly companies are the first to go under, the industry was unprepared.

    On the other hand the ethanols are doing great, the US government ended their support for blenders earlier this year, but it looks like they are profitable now, even exporting to Brazil.
    Windenergy is also becoming increasingly popular

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    The member that no one remembers. IconOfEvi's Avatar
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    And yet token to no research in hot/cold fusion, how nice.

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    Senior Member Mikhael's Avatar
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    The future is THORIUM


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    How's that Hopey Changey thing workin'? C.Puffs's Avatar
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    Quote Originally Posted by Ordie View Post
    The Chinese Communist are throwing tons of cash into solar under-cutting us in a big way.
    Because we're stupid enough to buy that stuff. They sell us rubber dog$hit too, that doesn't mean it's going to save the world.

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    Goat Roper Shermbodius's Avatar
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    Solar is ****. Sorry not quite there yet with the technology. But don't let me stop you!


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    I see ... ... the opportunity(for Chinese solar plant industry),LOL.
    Chinese government invested a lot of cash each year to fund the development of local solar companies ^_^










    My family and my parents house all installed solar water heater on the roof, most of my neighbor's houses also installed solar water heaters.
    It's ****ing great to enjoy hot water heated by the sunshine=P.

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