Move Over Solyndra Here Comes Another Solar Energy Scandal - A $1.2 Billion Federal Loan, '10-15' Permanent Jobs And A New Facility In Mexico (SunPower)

More American tax dollars down the rat hole of political cronyism.

All to create 10-15 permanent jobs.  That's not some silly estimate, that's what the Department of Energy thought would result from the billion dollar loan. Now we know why they call it green energy.

Source - Big Government

The Department of Energy bragged about giving a $1.2 billion loan guarantee to SunPower, a politically connected solar energy company, to create “10-15 permanent jobs,” raising critical questions as to if California SunPower is the next Solyndra in the ongoing Crony-Gate scandal.

Unlike Solyndra, which went bankrupt after receiving the loan from the government leaving taxpayer on the hook, SunPower’s deal is more complicated.  Many questions are being raised about how the company was able to obtain the loan and what they did after they got the money.  Questions include:

• How could the Department of Energy give a loan to a company that was under a shareholder suit alleging securities fraud and misrepresentations?
• The son of Rep. George Miller (D-CA) who was paid $178,000 to lobby on behalf of the company represented SunPower as a lobbyist.  Why did Rep. George Miller tour the SunPower facility – which is outside his congressional district – and what other official action did Rep. Miller take on behalf of the company that is represented by his lobbyist son?
• Did the company’s hefty political contributions to the Obama campaign and the DCCC play a role in the deal?
• Did U.S. taxpayers help pay for the company to open a facility in Mexico after the announcement of the loan?
• Was the U.S. government aware that company executives were in the process of selling a portion of the company to a French company – an action that was undertaken two weeks after the loan was awarded?  Did the loan allow insider’s to cash out leaving other investors holding on to the stock that has dropped by more than 60% since the loan was awarded?

Continue reading...

Comments

[Les]

Corruption and cronyism is running rampant in our government and this is yet another example. Consider also what just happened in a federal court in Texas. A Dallas business owner was involved in a civil dispute and paid millions of dollars to lawyers, and when he objected to additional fees after settling the case, they had a “friendly” judge seize all of his possessions, without any notice or hearing, and essentially ordered him under “house arrest” as an involuntary servant to the lawyers. The business owner has been under this "servant" order for 10 months and is prohibited from owning any possessions, prohibited from working, etc...

THE COURT: "I'm telling you don't screw with me. You are a fool, a fool, a fool, a fool to screw with a federal judge, and if you don't understand that, I can make you understand it. I have the force of the Navy, Army, Marines and Navy behind me."

THE COURT: "You realize that order is an order of the Court. So any failure to comply with that order is contempt, punishable by lots of dollars, punishable by possible jail, death"

http://www.lawinjustice.com has an explanation of this really disturbing case..

[john]

John Kerry Urges Cape Wind Financing Plan Approval

http://www.huffingtonpost.com/2011/02/18/cape-wind-project-pushed-_n_825001.html

[snip]

BOSTON — U.S. Sen. John Kerry of Massachusetts is urging federal officials to approve a key portion of Cape Wind's financing plan.

Kerry and all 10 Massachusetts members of the U.S. House sent a letter Thursday to Energy Secretary Steven Chu asking that he speed Cape Wind's loan guarantee application so work can begin on the 130-turbine wind farm in Nantucket Sound.

[john]

http://www.politifact.com/truth-o-meter/statements/2010/jun/08/john-kerry/sen-kerry-says-cap-and-trade-bill-would-create-job/

[Howard T. Lewis III]

Government by the criminal element and criminally insane agents of queen lizard does not work very well, does it?

[john]

And here is another one....

Canadian based Western Wind snags $109M US grants, tax breaks

http://www.cbc.ca/news/business/story/2011/12/30/western-wind-grants.html

Western Wind Energy Corp. said Friday that it had taken delivery of photovoltaic panels for the Yabucoa project in Puerto Rico that make it eligible "for the 30 per cent U.S. federal tax free cash grant which is estimated to be approximately $45 million US."

It also qualifies for $64 million US of Puerto Rican investment tax credits, "which are both marketable and monetizeable," the company said.

The $109 million US total "is over and above the plus-$100 million US Western Wind has received and will be receiving for the Kingman and Windstar projects," in Arizona and California, respectively.....

......For the nine months ended Sept. 30, Western Wind reported a loss of $3.2 million on revenue of $2.3 million.

[john]

House Republican links Daley’s departure to Solyndra probe

http://thehill.com/blogs/e2-wire/e2-wire/203341-house-republican-links-daleys-departure-to-solyndra-probe

[snip]

The House Republican leading the investigation into the Obama administration’s $535 million Solyndra loan guarantee alleged Tuesday that White House Chief of Staff Bill Daley resigned in part because of the GOP probe into the failed solar company.

“I understand his desire to leave the White House given the seriousness of this and other investigations marring the integrity and credibility of this Administration,” Rep. Cliff Stearns (R-Fla.), the chairman of the House Energy and Commerce Committee’s investigative panel, said in a statement.



Obama to visit EPA to thank employees

http://thehill.com/blogs/e2-wire/e2-wire/203279-obama-to-meet-with-epa-staff

Note: Remember that Brad Abelow (Jon Corzine's right hand man) is the Chair of the EPA finance committee and prior to joining MF, Brad was a founding partner of NewWorld Capital Group, a private equity firm investing in businesses active in environmental opportunities (alternative energy, energy efficiency, waste and water treatment, and environmental services).

[john]

Full Version Video:

When Mitt Romney Came top Town

http://www.youtube.com/watch?feature=player_detailpage&v=BLWnB9FGmWE


Speaking of Mitt (and solar), check this out


Welcome To The China Club, Mitt Romney

http://www.fitsnews.com/2011/07/27/welcome-to-the-china-club-mitt-romney/

[snip]

Yet while Romney was blasting Obama, he neglected to mention his own “China problem.”
As governor of Massachusetts, Romney provided million of dollars in incentives to a solar panel company called Evergreen that wound up sucking Massachusetts dry – before announcing that it was laying off 800 workers and relocating its operations.
Where is it going? To China, of course.
“Romney, who made his name as a venture capitalist at Bain Capital, invested $2.5 million in Evergreen in 2003 through an obscure state agency called the Renewable Energy Trust,” Massachusetts-based Commonwealth Magazine reported back in April.

The company received millions more under Democratic Gov. Deval Patrick, who followed Romney into office after the 2006 election. In a 2007 interview on FOX News after leaving office, Romney said he stood behind his state’s efforts to pick winners and losers in the marketplace.

“You’re going to see the product of that generate great results for years to come,” he predicted.

Not in this case …

Previously, Romney has faced criticism for accumulating much of his vast personal fortune by profiting from U.S. layoffs. We suspect his decision to dole out millions in taxpayer-funded incentives to a company that’s now bolting America for the greener pastures of China will be received every bit as poorly......

[Texas Dar]

Romney is just another Dick Cheeney......! Buy a Co. steal the money and shut the doors.

[john]

Update:

House GOP to press forward with Solyndra probe when Congress returns

http://thehill.com/blogs/e2-wire/e2-wire/203979-house-gop-to-press-forward-with-solyndra-probe-when-congress-returns


Note: other projects/loan guarantees are being looked at now as well.

[john]

Solar panel maker Solyndra received a $528 million Energy Department loan in 2009 - and went bankrupt last year. The government's risky investment strategy didn't stop there, as a CBS News investigation has uncovered a pattern of cases of the government pouring your tax dollars into clean energy.


http://www.cbsnews.com/8301-505263_162-57358484/tax-dollars-backing-some-risky-energy-projects/

[DailyBail]

Thanks for the new links, john. Will get them posted.

[john]

Climate change skepticism seeps into science classrooms

Some states have introduced education standards requiring teachers to defend the denial of man-made global warming. A national watchdog group says it will start monitoring classrooms.

http://www.latimes.com/news/nationworld/nation/la-na-climate-change-school-20120116,0,2808837.story

[John]

Here we go again.....

EnerNOC shares tumble 10 pct

http://news.yahoo.com/enernoc-shares-tumble-10-pct-142844953.html

[snip]

EnerNOC, based in Boston, reported Monday that its fourth-quarter losses amounted to $28 million, or $1.08 per share, on revenue of $26.8 million. Analysts were expecting a loss of $1.01 per share on revenue of $28.1 million, according to FactSet.
The company said that CFO Timothy Weller will leave the company at the end of March "so that he may pursue another professional opportunity."

[John]

Now it's First Solar.....


For First Solar, It May Soon Be Game Over (Update 1)

http://www.thestreet.mobi/story/11438917/1/the-biggest-first-solar-risk-of-all-is-just-one-of-many.html

http://www.thestreet.mobi/story/11441803/1/first-solar-says-sec-investigating-possible-reg-fd-violation.html?cm_ven=GOOGLEN

Gotta bail out solar in China for now.

http://www.thestreet.mobi/story/11433111/1/the-week-in-solar-too-big-to-fail-moment-arrives-for-china.html

http://www.azcentral.com/community/tempe/articles/2012/03/02/20120302first-solar-facing-sec-scrutiny.html

Tempe-based First Solar Inc. facing SEC scrutiny

Ryan Randazzo The Republic | azcentral.com Mar. 2, 2012 03:22 PM

Tempe-based First Solar Inc. reported in a regulatory filing this week that it is being investigated by the Securities and Exchange Commission for possibly breaking fair-disclosure rules.

Companies with publicly traded stock must share information with all investors at the same time so that some investors don’t have an illegal advantage over others.

Trading company stock on the basis of non-public disclosures can be a violation of insider-trading rules. New fair-disclosure rules were passed in 2000 to prevent companies from selectively disclosing information to certain investors before others.

A violation can bring civil financial penalties…

[John]

Energy Department prepares to approve more green loans

http://thehill.com/blogs/e2-wire/e2-wire/220213-energy-department-preparing-to-issue-more-clean-energy-loan-guarantees

[S. Gompers]

I saw that one also John, and then they will give a big chunk back as campaign contributions.

[Texas Dar]

Lets see, if I get a battery head light for a bikecycle from Wallmart. A red and green light in the boat Dept. for my airplane, would I qualify for a Obama Green Loan..........Hes giving them out for Co. going under. Im going up, oh wait, im not a Democrat, and dont give my life savings to the DNC.............."Neaver Mind' !

[john]

Another Obama-backed energy firm may be close to collapse

http://thehill.com/blogs/e2-wire/e2-wire/236311-another-obama-backed-energy-firm-may-be-close-to-collapse

[john]

http://www.slate.com/blogs/future_tense/2012/07/10/a123_systems_is_the_electric_vehicle_battery_company_another_solyndra_style_failure_.html

In light of the DOE unwilling to disclose which battery concern 'lost' half a million.

[john]

Stock chart (yesterday) of DOE undisclosed battery concern.

http://finance.yahoo.com/q?s=AONE&ql=1

[john]

A-123 update:

http://www.bloomberg.com/news/2012-07-27/a123-falls-after-qualcomm-chief-jacobs-steps-down-as-chairman.html?cmpid=yhoo

[LiberatedCitizen]

I am so sick of all the Crony Capitalism & the Pork Laden Bills

Made to Pay for the Banks AGAIN !!! Check out this story DB

Retailers Ready To Force Consumers To Pay ‘Swipe Fee’ For Using Plastic

NEW YORK (CBS 2) — Every time you use your credit card, the store pays up to 3 percent of your total purchase to the credit card company. It’s called a “swipe fee” and now some fed-up retailers are getting ready to pass this cost on to you, in the form of a surcharge.

While others want to reward you for paying with cash.

Paper or plastic? It’s a simple choice, but it’s about to get a lot more complicated, CBS 2’s Emily Smith reported.

“You’re going to start to see retailers really weighing what they’re going to charge consumers for using a credit card,” said Kelli Grant of Smart Money magazine.

That’s right, major retailers — from supermarkets to drug stores — may soon be charging you more if you choose to pay for an item with a credit card, instead of paying with cash.

“An extra 2 to 3 percent,” Grant said.

It’s all because Visa-MasterCard and several major banks settled a long running lawsuit alleging they conspired to fix “swipe fees.”

As part of the settlement, retailers are now allowed to charge customers a surcharge if they pay with plastic.

more

http://newyork.cbslocal.com/2012/07/27/seen-at-11-retailers-ready-to-force-consumers-to-pay-swipe-fee-for-using-plastic/

So WE HAVE TO PAY FOR THE BANKS DIRTY DEALINGS AGAIN! Dirty little secret a lot of people don't realize is that the banks never really pay they aren't charged Criminally and when they do get slapped with a penalty they pass it off on us one way or the other.

Other's worth your time to read

The Outrageous Farm Bill That’s Packed with Pork

http://www.thefiscaltimes.com/Columns/2012/07/25/The-Outrageous-Farm-Bill-Thats-Packed-with-Pork.aspx#page1

Is the Middle Class Safe From Tax Increases?

http://tinyurl.com/ctgmkex

Keep in mind

Middle Class--Not the Rich or the Poor--Pay Majority of Federal Taxes, Says CBO Data

http://cnsnews.com/node/68094

More Obfuscation by Bloomberg (And Others): Trade

http://market-ticker.org/akcs-www?post=209284

New Investment Idea: High-Capacity Magazines

http://market-ticker.org/akcs-www?post=209261

The article below is about mismanagement at the GSE's (We have 6.3 Trillion total of debt in those programs that obama kept off his budget)

Saying ‘You’re Fired’ Is the Only Answer Here

http://www.bloomberg.com/news/2012-07-26/saying-you-re-fired-is-the-only-answer-here.html

Obama's Budget Has One Small, Missing Piece.... For $6.3 Trillion Dollars

http://www.zerohedge.com/article/obamas-budget-has-one-small-missing-piece-63-trillion-dollars

Related

Corporate Crime, Russia, Peter Orszag and Getting Away with Murder

https://www.commondreams.org/view/2011/07/29-3

Bank of America's Backdoor Bailout

http://www.thestreet.com/story/11216921/1/bank-of-americas-backdoor-bailout.html

Unlimited credit for GSEs Fannie/Freddie

Is Fannie bailing out the banks? seen as backdoor bailout

http://www.reuters.com/article/2010/01/05/us-usa-housing-bailout-idUSTRE6044YU20100105

[john]

A-123 update:

UPDATE 4-U.S. battery maker A123 may be rescued by Chinese group

http://www.reuters.com/article/2012/08/09/a123systems-results-idUSL4E8J84OH20120809?feedType=RSS&feedName=marketsNews&rpc=43

[SKINFLINT]

http://www.bloomberg.com/news/2012-08-09/obama-tells-coloradans-romney-wind-credit-stance-would-cost-jobs.html

[SKINFLINT]

Also how in God's name do you raise 1.5 million at breakfast? IHOP can't even do this.

[john]

As Another Fisker Karma Spontaneously Combusts, "Green" Dreams Go Up In Smoke

http://www.zerohedge.com/news/another-fisker-karma-spontaneously-combusts-green-dreams-go-smoke

[snip]

It remains to be seen whether the Karma's battery system, supplied by A123 Systems (and the focus of previous recalls), had any role in igniting the car. Thankfully there were no reports of injuries from the incident, but as you can tell from the photo, the car was essentially totaled.

[SKINFLINT]

My aunt torched her 1964 Chevy Impala with a cigarette. I long for the days of Marlboros and Chevorlets. Fiskar and A123 sounds a little less than American.

[john]

Thune, Grassley question stimulus funds to battery company with ties to China

http://thehill.com/blogs/floor-action/senate/243743-thune-grassley-question-stimulus-money-flows-to-china


Sens. John Thune (R-S.D.) and Chuck Grassley (R-Iowa) on Tuesday called on Energy Secretary Steven Chu to explain whether a U.S. battery company should still receive millions of dollars in stimulus money now that it might soon be controlled by a Chinese company.

"Billions of U.S. taxpayer dollars have flowed to foreign companies through the Recovery Act, and we are concerned that the recent announcement could lead to even more taxpayer dollars going overseas," they wrote.

The senators' letter concerns A123 Systems Inc., a company that was given a $249 million grant under the 2009 stimulus bill. Just last week, China's Wanxiang Group Corp. said it would invest $450 million in A123, and could end up owning 80 percent of the company.

[john]

U.S. Senator Reid, son combine for China firm's desert plant

http://www.reuters.com/article/2012/08/31/us-usa-china-reid-solar-idUSBRE87U06D20120831

[snip]

In 2003, the Nevada Democrat publicly banned relatives from lobbying him or his staff after newspaper reports showed that Nevada industries and institutions routinely turned to Reid's sons or son-in-law for representation.

Now, questions surrounding family ties are flaring again in Nevada around the Senate majority leader. He and his oldest son, Rory, are both involved in an effort by a Chinese energy giant, ENN Energy Group, to build a $5 billion solar farm and panel manufacturing plant in the southern Nevada desert.

Reid has been one of the project's most prominent advocates, helping recruit the company during a 2011 trip to China and applying his political muscle on behalf of the project in Nevada. His son, a lawyer with a prominent Las Vegas firm that is representing ENN, helped it locate a 9,000-acre (3,600-hectare) desert site that it is buying well below appraised value from Clark County, where Rory Reid formerly chaired the county commission.


note: What I really want to know is how much UPC/first wind/second wind/evergreen and all of their innumerable llc's got and is getting for ALL of their efforts both here and ABROAD including their charities. Something is really rotten in Boston and Colorado.

[john]

A123 gets delisting notice from Nasdaq

http://www.reuters.com/article/2012/08/23/us-a123-delistingnotice-idUSBRE87M01T20120823

[john]

Sorry DB but I absolutely have to re-post this here.


WORSE THAN SOLYNDRA: OBAMA ADMIN BUYING MAINE SENATE SEAT WITH CRONY ENERGY LOANS

http://www.windtaskforce.org/profiles/blog/show?id=4401701%3ABlogPost%3A41802&xgs=1&xg_source=msg_share_post

[snip]

Here’s the short story: Angus King, former governor of Maine, Obama supporter, and front-running independent Senate candidate, owned a wind company. Obama’s Department of Energy handed over a deeply questionable $102 million loan to that company. It appears that as that company was coming under investigation, King quickly divested himself of his interests, hoping he was doing so just in time to escape scrutiny, and as he was preparing to announce his candidacy for Senate.
But that's not where the story ends. It seems that before he left the company, King helped apply for a Department of Energy grant worth some $33 million. Which means one of two things: either the company was thriving, in which case King was helping bilk taxpayers for an additional $33 million; or the company was having financial difficulties, in which case the $33 million grant was designed to help cover the cost of the loans, $23 million of which was coming due with a maturity date of April 27, 2012.
Either way, the situation doesn’t look good for King, or the Obama Administration. Either the two were working to ensure that King’s company got paid millions so that King could reap the benefits, or they were working to cover up a troubled company and highly questionable investment subsidized with federal tax money.

Here’s the more complete story...

Hat tip Barb! Thanks so much for this one.

[john]

Mia, this must be the one you were talking about...

http://www.lvrj.com/business/amonix-closes-north-las-vegas-solar-plant-after-14-months-heavy-federal-subsidies-162901626.html

but it gets even better...

http://blog.heritage.org/2012/07/27/doe-sent-millions-to-solar-firm-that-lacked-economically-viable-product/

[snip]

The politically connected company had the backing of Senate Majority Leader Harry Reid (D-NV), Rep. Shelley Berkley (D-NV) and Gov. Brian Sandoval (R-NV). Amonix also benefited from a close relationship to Cogentrix, a subsidiary of the Goldman Sachs Group.

I noticed there are a couple of other questionable projects in Nevada too, but thanks for the heads up!

[SKINFLINT]

Local closing in 2010. BP had a solar plant here and shut it down. They opened up partnerships in China and India to make this very profitable product. http://www.fredericknewspost.com/sections/news/display.htm?storyID=102978

[john]

Update:

A-123 files for bankruptcy.

http://www.businessweek.com/ap/2012-10-16/battery-maker-a123-files-for-bankruptcy-protection

[john]

Lawyer who led GOP's Solyndra probe returns to lobby firm


http://thehill.com/blogs/e2-wire/e2-wire/263067-house-energy-and-commerce-committee-counsel-joins-patton-boggs

Now here is where it gets interesting with Patton Boggs...

Angus King hits jackpot fundraising outside of Maine.

http://bangordailynews.com/2012/10/15/politics/elections/summers-picks-up-fundraising-pace-but-king-still-brought-in-double-the-money/

excerpt:

King’s fundraising report shows that trips he made to Washington, D.C., to raise campaign cash paid off. His contributors include a number of employees of the Podesta group, which held a July fundraiser for King. The report also shows a number of contributions from employees of the Washington, D.C., lobbying firm Patton Boggs, including former Louisiana Sen. John Breaux, a Democrat, and Patton Boggs chairman Thomas Hale Boggs.

On Tuesday, King will travel to New York City for a fundraiser at the home of New York Mayor Michael Bloomberg, who has contributed $500,000 to a third-party, pro-King ad campaign by the nonprofit group Americans Elect.

[john]

And yet another...

http://www.denverpost.com/commented/ci_21853854?source=commented-

[snip]

Abound Solar, the defunct solar-panel manufacturer, is under criminal investigation for possible securities fraud, consumer fraud and financial misrepresentation, the Weld County district attorney's office said Thursday.
Loveland-based Abound closed its Colorado plant in July and filed for Chapter 7 bankruptcy liquidation in a move that left 125 workers without jobs and taxpayers holding the bag for up to $60 million in defaulted loans.

[SKINFLINT]

John, There was an op ed in Bloonberg that suggested the reason that there were so many bankrupt solar companies is that the industry competition was really tough and that as a whole things were really start to take off. Can't find the link but thought you might enjoy.

[john]

Skin, I know the price of renewable equipment and who purchased them well back in the late 90's. The price (expensive) has not changed that much since for the consumer. I have seen the excuse in recent articles that China dumps cheap equipment on the market but my question is why the price has remained so high. Most of those who purchased the systems either:

A: lived far enough from power lines that it was feasible to make a 50K+ investment rather then pay to run the lines in.

B: Were wealthy individuals who wanted bragging rights at the country club.

C: Had a camp or cottage in the woods.

Funny thing though, most of the panels I saw back then seem to come from ....India.

Also skin, I believe this might be the article you are speaking about.

http://www.bloomberg.com/news/2012-10-23/cheaper-solar-panels-opportunity-for-singapore-world-bank-says.html

btw, thanks for the heads up and bump regarding the south park vid!

I am going to have to get ready for the hurricane and am not liking what I see for my location. I had meteorological equipment set up
in Gloucester Mass that recorded the "perfect storm" some years ago. The track of this storm will intensify a bit with warm gulf stream water and will be drawn inland just to the south. The strongest winds (the north east side of the storm) will be particularly damaging and by wind direction will create problems with astronomically high tides. The storm will also combine (merge) with a cold air mass that will maintain/intensify winds.

Speaking of Hurricanes and tropical storms, what baffles me with the offshore wind boondoggle is that they will be located in hurricane alley and they know it.

http://maps.csc.noaa.gov/hurricanes/#

click on hurricanes to see what I mean.

[SKINFLINT]

Preppin myself here. Cleaning gutters getting portable stoves ready etc and have cleaned the wood stove and flue in case the temp drops. I remember the last perfect storm, seas were reported to have been 100 ft which would make any rescue totally unfeasible. Maybe work for me will be good until next spring. Guess we will see. Heard a report that the moon may make the tides a bit higher than normal. Guy I know who had a home down by the bay in the last big storm got washed away off the foundation. Lost everything with that surge. He only got a couple of grand from ins guy. Guess he did not have the proper rider. Had one hell of a party though.

[john]

http://www.greentechmedia.com/articles/read/The-IRS-Knocks-Can-Solar-City-Break-the-Curse-of-the-Cleantech-IPO

[john]

Conergy files for insolvency as solar crisis deepens

http://www.reuters.com/article/2013/07/05/us-conergy-insolvency-idUSBRE9640HP20130705

[snip]

German solar group Conergy has filed for insolvency, putting about 800 jobs at risk and becoming the latest casualty in an industry battered by overcapacity, plunging prices and a trade dispute between Europe and China.

Once Europe's largest solar company, Conergy has been fighting for months to secure fresh investment and a deal with its creditors, and earlier this week it had looked close to an agreement.

But on Friday it ran out of time, saying it had not been able to win over one of its 10 creditors and that two of its subsidiaries were insolvent, essentially meaning they had run out of money. A district court will now appoint an administrator, who will try to rescue the business.

"This is a clear sign of how huge the crisis was and still is," said Holger Fechner, analyst at NordLB bank.

Four people familiar with the matter said EAA, a so-called "bad bank" tasked with taking care of toxic assets from wound-down public-sector lender WestLB, was the creditor that opposed Conergy's proposed restructuring deal.

EAA and Conergy declined to comment.

[John]

Electric vehicle charger mfr goes under

http://mobile.reuters.com/article/hotStocksNews/idUSL4N0GD34I20130812?irpc=932

[john]

Energy Future Said Near Bankruptcy Loan Exceeding $3 Billion

http://www.bloomberg.com/news/2013-10-10/energy-future-said-near-bankruptcy-loan-exceeding-3-billion.html

Energy Future Holdings Corp., the Texas power generator taken private in the biggest leveraged buyout ever, is close to obtaining a loan of more than $3 billion ahead of a bankruptcy filing that may come this month, said four people with knowledge of the matter.
Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley are the key lenders vying to provide parts of the debtor-in-possession financing, and first-lien creditors to Energy Future’s Texas Competitive subsidiary have been invited to participate, said the people, who asked not to be named because the process is private. The final terms and lenders may be decided next week, according to two of the people....

....Texas’s largest electricity provider has struggled to reduce debt since it was taken over in a $48 billion deal in 2007 led by KKR & Co. (KKR), TPG Capital and Goldman Sachs Capital Partners.

[john]

Gov. Patrick: 'Evergreen Solar wasn't a failure'

http://www.myfoxboston.com/story/24450184/gov-patrick-evergreen-solar-wasnt-a-failure

BOSTON (MyFoxBoston.com) -- Is the governor wasting our money on so called green initiatives? He says his green agenda as "very strong," and defended Evergreen Solar, saying it "wasn't a failure."

FOX 25's Political Reporter Sharman Sacchetti caught up with the governor as he announced that $50 million will go toward protecting the state against the risks of global warming. He says the money is meant to go toward roads and coastal areas, and what he calls vulnerabilities in public health, transportation and energy.

Governor Deval Patrick says $40 million of that money will come from a grant program to be handed out by the Department of Energy Resources. The administration also expects to appoint a state climatologist to help cities and towns understand the risks.

Given his track record with investments in failed green tech companies, like Evergreen Solar, FOX wanted to know if this was the best use of money.

"Evergreen Solar wasn't a failure, the state didn't lose any money. Report the facts," he said.

FOX reached out to a Patrick spokeswoman for clarification. She says Evergreen received $21 million in grants. And $22 million in tax credits.

The company, they say, has continued to pay taxes, more than $3 million since filing for bankruptcy.

So was this a good investment or was it a failure?

Gregory Sullivan, former inspector general who is now with the Pioneer Institute, told FOX that it was in fact a failure.

"Well Governor Patrick's very frustrated there you can see, very hostile. This has been his, probably, biggest public failure of his two terms as governor, was his investment in Evergreen Solar. The state sunk about $31 million into this company, we really rolled the dice. The company shortly thereafter went under, 800 people lost their jobs and the business went to China. So it was a big mistake," he said.

Sullivan went on to say that Evergreen Solar was a bad investment because it never made money. It lost money every year since it began; it was a gamble against the odds. Massachusetts lost the bet.

[john]

What happened to the $120 million in closed loans (5/1613 announced by Rockland Capital and Broadway) from Deutsche Bank and Key Bank for Cape Solar Projects?

http://www.powerintelligence.com/Article/3206899/Rockland-Capital-Wraps-Cape-Cod-Solar-Deal.html


Something's up-

From Commonwealth Magazine -- Friday, January 17, 2014

http://www.commonwealthmagazine.org/News-and-Features/Online-exclusives/2014/Winter/004-Broadway-Electrical-pulls-plug-on-solar-work.aspx#.UuF1dPYo5cw

News and Features: Online exclusives
Broadway Electrical pulls plug on solar work No word on whether stoppage is temporary
BY: BRUCE MOHL January 17, 2014
ONE OF THE state’s largest solar contractors is reportedly shutting its doors, but it was unclear on Friday whether the shutdown was temporary or permanent or why it was happening.
Broadway Electrical Co. of Boston, which does electrical construction work and in recent years has moved aggressively into solar power development, stopped doing work at some of its projects yesterday, leaving customers in the lurch.
Liz Argo, the special projects coordinator for the Cape and Vineyard Electric Cooperative, which has hired Broadway to do several solar installations on the Cape, said Broadway workers didn’t show up at work sites on Friday. She said she had little information from the company on what was happening although Broadway officials promised to meet with her next week.
“We have heard that they are winding down. We’re in a heightened state of concern,” she said.
Jonathan Wienslaw, president of Broadway Electrical, couldn’t be reached for comment. Another official at Broadway declined comment, saying all information must come from Wienslaw.
Last May, Gov. Deval Patrick called for a dramatic boost in the state’s solar power production during a press conference at a rooftop solar facility in South Boston installed by Broadway. Patrick and other state officials were joined at the announcement by Wienslaw.

[john]

Here Comes Solyndra 2.0: Obama To Hire 75,000 Solar Workers

http://www.zerohedge.com/news/2015-04-05/here-comes-solyndra-20-obama-hire-75000-solar-workers

Clearly having not learned their lesson from 'interfering' in free markets (and all the deflation-creating over-supplying, crony-capitalizing, taxpayer money-wasting malinvestment that goes with it), NBC News reports, The White House has announced a goal to train 75,000 workers in the solar industry by 2020, many of them veterans. In a sentence only President Obama could utter, he explains "these are good-paying jobs that are helping folks enter the middle-class." Climate 'fixed', folks 'fixed', veterans 'fixed' middle-class-economics 'fixed'... and we are sure it will be unequivocally good for America (until trade wars pick up once again).

[john]

http://www.zerohedge.com/news/2015-08-04/meet-solyndra-20-us-taxpayer-subsidized-spanish-renewables-firm-collapsing

[john]

From 2009...

Spain’s Iberdrola Gets U.S. Grants for Wind Projects (Update3)


http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aElP..Gdw9jo



Sept. 1 (Bloomberg) -- Iberdrola SA, a Spanish company, will get most of the more than $500 million in economic recovery funds the Obama administration said today it is distributing to U.S. renewable-energy projects.

Bilbao, Spain-based Iberdrola will get $236 million for wind farms in Texas, Oregon and Minnesota and an additional $59 million for a Pennsylvania wind project, U.S. officials said.

Twelve projects in total will get funds, with 59 percent of the money going to Iberdrola’s Penascal project in Texas, the Hay Canyon and Pebble Springs wind farms in Oregon, Locust Ridge II in Pennsylvania and the Morraine II wind farm in Minnesota.

The money is part of President Barack Obama’s economic recovery plan. The entire plan contains about $3 billion that will be given in lieu of tax credits to support about 5,000 biomass, solar, wind and other types of renewable energy production facilities.

“This renewable energy program will spur the manufacture and development of clean energy in urban and rural America,” Treasury Secretary Timothy Geithner said in a written statement.

Obama has set a goal of doubling renewable energy production in three years. He also has said that development of cleaner energy sources would create jobs.

“We are delighted and we are right now putting the stimulus money to use,” said Jan Johnson, a U.S. spokeswoman for Iberdrola.

She said the company plans to spend $6 billion over four years on renewable energy projects in places such as Arizona, Texas, Illinois, North Dakota and Oregon.

84 Turbines

The Penascal wind farm, near Sarita, Texas, the biggest project covered by the grants, is to receive $114 million. It began operating in April, using 84 turbines supplied by Japan’sMitsubishi Corp., and produces 202 megawatts, or enough to power 70,000 South Texas homes, according to an April statement by the company.

The grants will help develop 840 megawatts of capacity, or about 3 percent of total U.S. wind power, said Matt Rogers, an adviser at the Energy Department. Except for $2.7 million of the grants that went to solar projects, all the $502.6 million in grants support wind technologies.

============

Update: (same company as above)

http://www.zerohedge.com/news/2015-08-04/meet-solyndra-20-us-taxpayer-subsidized-spanish-renewables-firm-collapsing

[john]

Update:

http://www.zerohedge.com/news/2015-08-12/solyndra-20-nears-bankruptcy-bonds-collapse-record-lows

[john]

http://wattsupwiththat.com/2016/03/17/fail-ivanpah-solar-power-plant-not-producing-enough-electricity-may-be-forced-to-close/