The Energy Department announced Wednesday that is has finalized more than $1 billion in loan guarantees for two separate solar projects.
The decision comes several weeks after Solyndra, a California-based solar manufacturer, 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 says the project will result in 600 construction jobs and 45 permanent jobs.
You just know with this administration there’s got to be a political crony connection, so let’s head down the trail and see where it leads: The Crescent Dunes Solar Energy Project is sponsored by Tonopah Solar, which is a subsidiary of California-based SolarReserve. SolarReserve’s major investors include Pacific Corporate Group. On PAG’s Board of Trustees and apparently serving as the company’s number-two man is a guy named Ronald Pelosi. Does that last name sound familiar? He’s Nancy Pelosi’s brother-in-law. Just a coincidence, I’m sure.
Time for congressional testimony practice. Repeat after me, Ron: “On the advice of counsel I invoke my Fifth Amendment privilege.”
The loan was just recently finalized, but it was announced back in May. This part of the story caught my eye:
It’s an alternative to traditional solar power projects that use large arrays of photovoltaic cells that capture sunlight and convert it to electricity. The idea is reminiscent of the Archimedes Death Ray, an oft-used trope in popular culture.
Hey, do you think that’s why Obama had the Mythbusters re-try their Archimedes Death Ray experiment last October? The Mythbusters debunked the story once, and Obama had them attempt it one more time — and again the myth was declared “busted.” Which means it was definitely used as a model for Obama’s “clean energy” loan program.
Don’t worry. I’m sure SolarReserve will spend their taxpayer-provided windfall at least as responsibly as Solyndra did.