Pirate's Cove

The downside, other than the massive amounts of taxpayer funds wasted, is that these types of poor loans turn people off from what could be an otherwise smart move towards getting alternative energies to be competitive with fossil fuels

(Washington Post) A California solar energy company that was unable to meet a deadline for an Energy Department loan guarantee last year has sought bankruptcy protection in Delaware.

Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $50 million and $100 million.

Fox Nation finds a story from last year about how much taxpayers could be on the hook for

The U.S. Department of Energy has awarded a $2.1 billion loan guarantee to Solar Trust of America for a solar thermal power plant near Blythe, Calif.

The loan guarantee means the government will cover the debt Solar Power Trust of America will accrue to finance the project if it cannot pay it back to other borrowers.

Government, ie, the taxpayers.

• The Lonely Conservative: President Obama has been out on the campaign trail saying the Republicans want to cut his investments in green companies. Well, of course they do! We can’t afford to keep dumping billions of dollars into failing companies.
• PJ Tattler: Solar Trust. What a perfectly ironic name for this boondoggle.

Interestingly, Solar Trust actually turned down the $2.1 billion guarantee. Powerline

So the Obama administration’s proposed loan guarantee was so dumb that the prospective borrower decided not to take it! That tells you all you need to know about the Obama administration’s ability–actually, the ability of any administration–to execute an industrial policy that doesn’t fleece the taxpayers.

Don’t worry about massive layoffs, though, because Solar Trust employed a massive 9 people. Because green is creating jobs!