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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
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.”
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...
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. The project has also received an investment of $168 million from Google, 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.
Bush WAS to blame. See how that works?
The White House said Wednesday that Bush was unaware of the pending sale until the deal already had been approved by his administration.
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