Energy Department approves $737 million solar loan guarantee
The Hill
The Energy Department announced Wednesday that is has finalized more than $1 billion in loan guarantees for two separate solar energy projects.
The decision comes several weeks after Solyndra, a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009, filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington.
DOE announced a $737 million loan guarantee to help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve.
The Energy Department said the project will result in 600 construction jobs and 45 permanent jobs.
“If we want to be a player in the global clean energy race, we must continue to invest in innovative technologies that enable commercial-scale deployment of clean, renewable power like solar,” Energy Secretary Steven Chu said in a news release. “Solar generation facilities, like the Crescent Dunes Solar Energy Project, help supply energy to local utilities and create hundreds of good, American clean energy jobs.”
Republicans in Congress have raised concerns that the Energy Department will be forced to rush the final review of the projects because of the tight deadline. But top Energy Department officials said they will not approve any projects without subjecting them to detailed analysis.
The Solyndra controversy has cast a shadow over the Energy Department’s loan-guarantee program, which provides financing for renewable energy, advanced biofuels and electric power transmission projects.
Republicans allege that the administration missed a series of warning signs that hinted at Solyndra’s financial troubles.
Republicans on both the House Oversight and Government Reform and Energy and Commerce committees have launched investigations into the loan-guarantee program as a result of the Solyndra bankruptcy.
Wild Thing’s comment………
This IMO is a straight up giving the finger to the American people. And Harry Reid in Nevada how much is he in this.
If these companies have such great hope and such potential, why can’t they raise the private capital?
They are still investigating the other scam Obama pulled off with our tax dollars for Solyndra.One would think they would hold off for awhile. ( shaking my head) it just never stops with these people. They keep pushing ahead and spending more and more and more.
Just think how much money could be saved if they only built a coal fired power plant instead; something we know works and will keep working.
More of the same old same old. End all government guarantee program.
Let private industry develop green energy if it can be reasonable and workable. America has almost infinite reserves of coal, natural gas and oil. They are our ammo to energy independence. Private industry is constantly working on methods to more easily recover these fuels and use them in cleaner ways. The govt., at most, should be a partner and supporter, not an interference.
Bob, yessss I agree so much.
Thanks Bob, James and Tom sooooo much.
This could be useful energy but only for pumping water because the sun does not shine when power is needed.