Obama’s 1.6 Billion Dollar Ivanpah Solar Plant Can’t Pay Its Bills – Needs Bailout

Another small failure for Solar power that's fizzling.

The Ivanpah Solar Plant is floundering and going busted it seems.

The pride of Obama and Harry Reid.

They want more money all of a sudden.

I think some BlueCronies are involved.

In May 2012 Barack Obama highlighted the Ivanpah Solar Plant in his Weekly Address.
He said the solar plant will “turn sunlight into energy” and put “1,000 people to work.”

He granted the plant a $1.6 billion construction loan.

Now the Ivanpah plant is busted and can’t pay its bills.

They want more government cash.

Obama 1.6 Billion Dollar Ivanpah Solar Plant Can’t Pay Its Bills – Needs Bailout


Obama $1.6 Billion Solar Plant Still Failing, Wants Taxpayer Bailout of Another $539 Million

more links in the above links.

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The Pride of it all ...

President Obama Highlights BrightSource's Ivanpah Project
www.youtube.com...=94

So they want a Grant off the Government to pay off a federal loan?

There's plenty of money to be made in Green technology, just as long as the Government pays it. Oh hang on, that's why we pay the carbon taxes isn't it?

Ya Obama wasted billions with tax payer stimilus money on the green electric car initiative which has utterly failed and some of the jobs went to foreign countries and foriegn workers! Par for the course from the hacker otherwise know as Obama!

If the Republicans didn't win the election this never would have happened!!!!

Oh wait, this is totally Bush's fault.

They should have gone into banking, plenty of government bailout money there.

I'm shocked.....NOT. Another failure, and not a small one. I wonder how many people could have purchased energy efficient homes with the money they have pumped into these fraudulent solar companies.

From OP link (bolding my additions):

After already receiving a controversial $1.6 billion construction loan from U.S. taxpayers, the wealthy investors of a California solar power plant now want a $539 million federal grant to pay off their federal loan.

“This is an attempt by very large cash generating companies that have billions on their balance sheet to get a federal bailout, i.e. a bailout from us – the taxpayer for their pet project,” said Reason Foundation VP of Research Julian Morris. “It’s actually rather obscene.”

The Ivanpah solar electric generating plant is owned by Google and renewable energy giant NRG, which are responsible for paying off their federal loan. If approved by the U.S. Treasury, the two corporations will not use their own money, but taxpayer cash to pay off 30 percent of the cost of their plant, but taxpayers will receive none of the millions in revenues the plant will generate over the next 30 years.

“They’re already paying less than the market rate,” said Morris, author of a lengthy report detailing alleged cronyism and corruption in the Obama administration’s green energy programs. “Now demanding or asking for a subsidy in the form of a grant directly paying off the loan is an egregious abuse.”

Owned by Google and the want a bailout???? This is more than obscene.

Im not an American, but i can smell bullsh%# from all the way up in Canada. How is it that countries like Germany are prospering and using huge amounts of green technology, yet one of the most advanced countries in the world cant make it happen? Simply because the government doesnt want it to happen. End of story. Obama is not the reason this isnt happening. He is one man in your "democratic" government. He cant make all the calls. The position of being the President isnt what it used to be...

a reply to: xuenchen

Greenbiz.org
Found an article from the "green" business take on Ivanpah lessons learned.

originally posted by: drz400
Im not an American, but i can smell bullsh%# from all the way up in Canada. How is it that countries like Germany are prospering and using huge amounts of green technology, yet one of the most advanced countries in the world cant make it happen? Simply because the government doesnt want it to happen. End of story. Obama is not the reason this isnt happening. He is one man in your "democratic" government. He cant make all the calls. The position of being the President isnt what it used to be...

Every president takes the blame as it falls under their term. If he authorizes the bail out, it will be even more under his belt so to speak. Even Google already backed out on this project in 2011. If Obama can't trust his minions, he needs to get new ones who are competent. The plant didn't officially open until Feb 2014 and it already failing:

BrightSource Energy’s 377 MWe (net at peak) Ivanpah solar thermal power station officially opened on February 13, 2014. Secretary Earnest Moniz, in a rather amusing turn of phrase, called the plant a “shining example of how the United States is becoming a world leader in solar energy.” With more than 340,000 computer controlled mirrors spread over 3,500 acres of desert land focusing reflected sunlight onto three 459 foot tall towers, there is no doubt that the plant will shine brightly. As the DOE blog described it, Ivanpah is a “photogenic facility”. atomicinsights.com...

The largest investor in the project is NRG Energy, a generating company based in Princeton, N.J., that has put in $300 million.[10] The project has also received an investment of $168 million from Google,[23] but in November 2011, Google announced that they would no longer invest in CSP due to the rapid price decline of photovoltaics, and stopped its research on the project.

An example of blame under BushII was when 6 US ports were sold to Dubai Ports World,

The White House said Wednesday that Bush was unaware of the pending sale until the deal already had been approved by his administration.

Bush WAS to blame. See how that works?

a reply to: StoutBroux

Yes corporate welfare is rampant and has been for decades.
As well as goverment contracts, like the 1.6 b construction.
Companies always socialize the losses and privatize the profit.

And are you calling the company fraudulent or solar energy fraudulent.
If it is the latter I would love to hear why you think so.

A lot of this big money laundering and shuffling are the usual suspects .Far too often we are sold what could be a good idea and some politician will promote it in his campaign promising jobs and cleaning up the environment as well as adding to the economy . One thing most of these failed projects have in common is tax payer money . These new private public partnerships have to be the worst because by the time all is said and done some private person walks away with lots of $$ and the public is left with the liability to clean up the mess . Which usually profits some private contractor that gets the bid .

I guess it's not surprising but same old same old .

I'll take a few solar panels if they decide to liquidate!

It's the latest business model, socialize the costs, privatize the profits.

Gov should not give any more money, it should call their bluff and call in the loan. Still no pay? Send in the bailiffs to snatch the lot back and auction it off, and send them a bill for any shortfall and costs.

If the project floundering already, it doesn't exactly instill confidence to hand more money over. But of course we all know they'll get every penny they want, because that was the plan all along. There ought to be conditions though - that the money will be granted on the immediate dismissal of the project's grossly incompetent management, full transparency on all future spending, and taxpayers take the profits until all money is paid back in full with interest. I think that's fair.

These companies would not exist without government subsidies. That reason alone is why they fail.

I am all for solar when it is applied to individual homes and tied into the grid but I am not all that impressed with giant solar farms. When it comes to green renewable energy on a massive scale I back Geothermal it is an understood technology that delivers continuous power both day and night rain or shine and the country has more than enough potential to deliver all the power it will ever need through that. Unfortunately there are those against it with deep pockets.

a reply to: Sremmos80 No, not Ivanpah in particular but Solyndra yes. I could go back and edit my post but I won't. Fraudulent as in not doing due diligence on cost and output, income, business plan. You know, the things a small business has to do to get a $25K loan from the small business assoc. Plain irresponsible. So irresponsible is the word, is the word.

a reply to: Grimpachi

Ivanpah uses a lot of natural gas and water.

Hmmm.

The info is a bit cloudy and they need the rain.

The project's managers, BrightSource Energy and NRG Energy, originally estimated that the plant's main auxiliary boilers would need to run for an hour a day, on average, to allow the plant to capture solar energy efficiently. But after a few months of operation, they're now saying they need to burn more gas, with the boilers running an average of five hours a day.

To that end, the companies have asked the California Energy Commission (CEC) to change the project's license to allow Ivanpah to burn more than 1.5 billion cubic feet of gas a year, and the plant's operators say that change won't have any environmental impact.

Ivanpah Solar Plant Owners Want To Burn a Lot More Natural Gas

a reply to: StoutBroux

Fair enough.
I don't mind the contracts to start the business,I am all for alt energy, if we are going to argue why that is bad then it is going to be long day. Since it has been happening for a while now
But I am against the bail out of a company that used tax payers to start. Get one shot with tax payer money, if it doesn't work then time to pay out of your pocket.

a reply to: xuenchen

OK thats interesting but did you understand what I wrote?

I said I "do not" support giant solar farms. I do support solar for individual homes.

I do support geothermal plants. Geothermal is heat derived from the earths core it has nothing to do with natural gas which I am not against BTW.

a reply to: Grimpachi

I wasn't disputing anything you wrote,

I was adding more information.