Solar Project That Received $1.2 Billion Federal Loan Sponsored by Financially Troubled Firm

sunpower-logoBy Stephen Clark

With the Solyndra scandal still swirling, the Obama administration is under pressure to reveal the financial condition of the solar companies that received $4.75 billion in similar federal loan guarantees on the last day of the program.

Republican lawmakers on two House committees are seeking details about the loans given to First Solar, SunPower Corp. and ProLogis. Of those three companies, troubling financial revelations have emerged about SunPower, which sponsored a solar project that received a $1.2 billion loan, more than twice the money approved for Solyndra, which filed for bankruptcy last month after receiving a $528 million loan.

The Energy Department says on its website that the $1.2 billion loan to help build the California Valley Solar Ranch in San Luis Obispo County, a project that will help create 15 permanent jobs, which adds up to the equivalent of $80 million in taxpayer money for each job.

Read the rest at Fox News.

  • NEIL F. AGWD/BSD

    There is something in this story that I would like to examine a little bit. And that is this:

    “Damien LaVera said in a statement to FoxNews.com. “It was approved for one reason only: because it meets all the requirements of the program – helping America win the clean energy race and create entire new industries for American workers.”-”

    I thought “clean energy” was.

    And what I mean by “was” is that “clean energy” is something that is supposed to be now, and exists as it’s own entity already. And by saying that this is “helping America win the clean energy race”, he is admitting that clean energy does not exist as yet.

    And saying “and create entire new industries for American workers” He is saying that there does not exist as yet an industry for clean energy.

    This is not how industries are created. And this is not the way to create jobs. We have a bunch of people running our government who have no clue what they are doing!

    All I can say is Nov 2012…………………..

  • Joe

    Neil, can hardly wait like 2010.

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