Obama Admin Approves $1 Billion In New Solar Loans

Why? Well, why not? They have all this Monopoly money from the Stimulus to spend, and had to spend it by September 30th, so, what the hell. Here ya go. Enjoy.

(Washington Post) The Energy Department on Wednesday approved two loan guarantees worth more than $1 billion for solar energy projects in Nevada and Arizona, two days before the expiration date of a program that has become a rallying cry for Republican critics of the Obama administration’s green energy program.

Energy Secretary Steven Chu said the department has completed a $737 million loan guarantee to Tonopah Solar Energy for a 110 megawatt solar tower on federal land near Tonopah, Nev., and a $337 million guarantee for Mesquite Solar 1 to develop a 150 megawatt solar plant near Phoenix.

The loans were approved under the same program that paid for a $528 million loan to Solyndra Inc., a California solar panel maker that went bankrupt after receiving the money and laid off 1,100 workers. Solyndra is under investigation by the FBI and is the focal point of House hearings on the program.

What could possibly go wrong with this little plan? Well, for starters, regarding the Tonopah project, the EPA has not, as of this time, approved the site, and it doesn’t seems as if the environmental impact statement has been filed yet. Oh, and did you know they are going to build it on public lands, rather than purchasing the land? And the land, mostly scrub to start with, will have to be clear cut in full. 1,600 acres worth.

Mesquite Solar 1 is already in construction phase, and looks to be a much better investment than Solyndra. We’ll see what happens with Tonopah, if it ever does start construction. Fortunately, they won’t provide electricity at night or when it is cloudy.

Rep. Cliff Stearns, R-Fla., chairman of a House energy subcommittee that is investigating Solyndra, said the impending deadline was no reason to complete loans before they are ready.

“Solyndra was the product of a bad bet rushed out the door, and taxpayers are now on the hook,” he said. “We cannot afford DOE rushing out more Solyndras in these final hours.”

Oh, come on, Cliff, we have to be a “player in the global clean energy race”, according to climate alarmist and Energy Secretary Chu. How are we going to do that without throwing lots of taxpayer money around that we may or may not ever see again for programs that produce really expensive power?

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One Response to “Obama Admin Approves $1 Billion In New Solar Loans”

  1. captainfish says:

    Here’s a strange and disturbing idea. why not just NOT spend the money and help save our economy from over-spending what monies we don’t have?!!?1

    How about not throwing money out, until it can be proven the company is making money and is able to pay the loan back?

    OMG.. I’m sorry Teach. I did it again. I brought out the logic probe. Sorry for the damage.

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