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As Solyndra Talk Quiets, DOE Issues $1 Billion In Solar Loans

September 29, 2011 by  

As Solyndra Talk Quiets, DOE Issues $1 Billion In Solar Loans

As headlines about the Department of Energy’s (DOE) backing of a now bankrupt solar firm cool down, the department announced on Wednesday that it has finalized about $1 billion in guarantees for two other solar projects.

The DOE announced a $737 million loan guarantee to help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of a California-based company called SolarReserve. DOE officials claim the loan will create 600 temporary construction jobs and 45 permanent jobs in the area.

“If we want to be a player in the global clean energy race, we must continue to invest in innovative technologies that enable commercial-scale deployment of clean, renewable power like solar,” said Energy Secretary Steven Chu in a press release. “Solar generation facilities, like the Crescent Dunes Solar Energy Project, help supply energy to local utilities and create hundreds of good, American clean energy jobs.”

The Energy Department also announced that it had finalized a separate $337 million loan guarantee to Sempra Energy for a 150-megawatt photovoltaic solar generation project in Arizona.

Solyndra, the now infamous government-backed solar panel manufacturer that shut down last month, is under investigation by the Department of Justice and several governmental wasteful spending committees.

Filed Under: Conservative Politics, Liberty News, Staff Reports
Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • Christin

    Wow, I guess you really can’t teach an old dog new tricks…

    …like QUIT SPENDING and FUNDING GOVERNMENT (GREEN) PROJECTS with Tax Payer Money for millions and billions and then soon the company goes belly-up [claiming bankrupt]…after the money goes in their pockets and obama’s for a kick back for passing money their way.

    If ANY company made a good product or service it would succeed and make a profit and it wouldn’t need propping up with money redistributed from the Tax Payers or more Debt sold to China.

    I distinctly heard one of the female DOE saying they would have to really check any future spending since Solyndra’s questionable bankrutpcy… so much for theatrical rhetoric.

    What a bunch of IDIOTS the DOE is!

  • s c

    Sam, when you said that Chu is the/a Energy Secretary, did you mean to say an Obummer czar? Is this the same Chu who has a Nobel Peace Prize?
    If he’s that Chu, then it’s way past time to have Nobel Peace Prize winners head for the nearest psychiatric hospital and get started on mental competency examinations. Is it not obvious the extent and severity of the utter DISCONNECT in Washington?
    Solyndra is on the hook (or should be) for roughly half a billion, and yet the retards in Washington have gone ahead and blessed another $1 billion so we can pay for more insanity. Anybody want to guess what will happen with this Twilight Zone episode?
    When its stuff hits the fan, I want to know the name of the bubble-headed SOB who will accept full responsibility for it – and then deny that anything bad happened or someone must be held accountable.

  • JimH

    If the Cresent Dunes Solar Energy Proect were so promising, private investors would be lined up to invest. Only the US gov subsidizes losing projects.
    I wonder how much Cresent donated to the Obama 2012 campaign.
    How many times does the DOE have to touch that hot stove before the realize why thier hand is burnt.

  • http://?? Joe H.

    Raggs,
    Isn’t it also interesting that there was a news report that Nancy Peelousy’s brother in law is on the board of one of the companies that got, if I remember right, 730 MILLION dollars in guaranteed loans???

  • Raggs

    This should prove that oblama is nothing but an idealogical socialist and in his mind ( or the lack of ) he has an agenda of forming America into the “New China”…

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