How is it that our government is deciding to loan our tax dollars to unproven businesses? Loans indeed! We will never see most of the dollars again. Everyone knows about Solyndra, but what about the other green energy companies that have filed bankruptcy or failed after getting hundreds of millions in government guaranteed loans?
Evergreen Solar, gone.
Solar Trust of America received a conditional commitment from the Department of Energy for $2.1 billion dollars, “the largest amount ever offered to a solar project”, but declared bankruptcy within a year (They withdrew their application before getting the loans).
Energy Conversion Devices Inc. (ECD), filed for Chapter 11 bankruptcy in hopes of selling off its solar power subsidiaries and other assets. The Michigan based manufacturer of solar laminates said it will continue to operate through the bankruptcy and sale process.
Ener1 Inc., the owner of a company that received a $118 million U.S. Energy Department grant to make electric-car batteries, filed for bankruptcy protection after defaulting on bond debt. (Batteries for Fisker)
Beacon of Tyngsboro, Massachusetts, sought Chapter 11 protection on Oct. 30, 2011 in Delaware, listing assets of $72 million and debt totaling $47 million, including $39.1 million owed on a government-guaranteed loan.
Range Fuels based in Broomfield, Colorado was a company that was supposedly going to turn wood chips in to bio-fuels. Range got over $162 million in federal grants and loan guarantees. After five years and more than $300 million in total investment, the plant that had been expected to produce as much as 20 million gallons of fuel a year as early as 2009 was sold in foreclosure for a mere $5.1 million. Neither the 20 million gallons of ethanol nor any of the 70 promised jobs ever materialized, leaving taxpayers holding the bag for millions in grants and unpaid loans.
Even Germany, the most prolific consumer of solar power is struggling. Q-Cells, one of the largest solar manufacturers in Germany and the world, filed for bankruptcy. It’s the fourth German solar energy company to go bust in recent times.
Fisker Automotive (oops the cars are made in Finland) and Tesla Automobiles are both questionable projects that have lost money every month since inception.
Clearly, the Obama plan to spend $60 billion of your hard earned tax dollars, creating thousand of jobs, is not working out so well. Barrack Obama is naive at best and a charlatan at worst.
Now, after all of this, the investigation into Solyndra reveals a process for approving the loans was poorly managed and approval was rushed through! If a business is looking at making an investment or acquisition, they carefully weigh the costs, returns and risks. By doing so, most of the time, the investments pay a return. Obama forces green energy loans down our throats while paying off his supporters with no regard for the loss of your hard earned money.