Solyndra flushed a half-billion taxpayer dollars down the drain, and now there’s another government-funded solar firm that has tanked.
Solar Trust of America was the proud recipient of a $2.1 billion low-interest loan from the Department of Energy. The money was to be spent on the expansion of the company’s 1000 MegaWatt Blythe Solar Power Project in Riverside, California.
According to Solar Trust: “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.
As Bloomberg notes: “The company joins Energy Conversion Devices Inc., a U.S. solar manufacturer that suspended production last year; LSP Energy LP, the owner of a natural-gas-fired power plant in Mississippi; Ener1 Inc., maker of lithium-ion batteries for plug-in electric cars; solar-panel maker Solyndra LLC; and energy storage company Beacon Power Corp. (BCONQ) in bankruptcy.”
Once again, we have a grossly indebted government, funding a bleeding-edge, inefficient alternative energy source. As I explain in Eco-Tyranny, the outlandish subsidies being handed out to solar and wind are preventing these hopeful energy sources from near-term viability.
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