Finish investigating the Solyndra debacle before continuing to shell out billions in taxpayer loans for “clean energy” startups? Eh, what for?

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.

Comments

17 Responses to “The 6 Degrees of Separation in the Latest Billion Dollar Government Loan for a Solar Company”

  1. Marshall_Will on September 28th, 2011 4:49 pm

    What an absolute GODSEND for Green con-men. A technological IGNORAMUS ( that 'thinks' he's smart? ) chockful of useless ideology and jacked up on H & C! Oh and w/ the keys to U.S Treasury tied about the waist of his nightgown?

    Now ask yourself, what are the chances Nan's brother 'just' so happened to have dedicated his entire adulthood to the study of solar/alternative energy? And I'm not talking about a recent 'passion' or hastily crammed learning curve?

    Put a Stop Payment on this check yesterday.

  2. Dexter_Alarius on September 28th, 2011 5:03 pm

    "Solar Energy" is the new Alchemy.
    Keep funding them! The secret to changing sunlight (lead) into gold is just around the corner!

  3. Joe Redfield on September 28th, 2011 5:35 pm

    Two last passengers on the Renewable Energy High Speed Gravy Train, which is about to derail(not that we'll ever see the money again).

  4. Guest on September 28th, 2011 5:41 pm

    Let's see…Nevada = Reid; Pelosi= Pelosi; scam = scam. Another waste of taxpayer money by this idiot's regime.

  5. Pasadena Phil on September 28th, 2011 5:44 pm

    Who does Nancy Pelosi think she is? Dianne Feinstein?

    Unfortunately, nothing will come out of this because of the "There but for the grace of God go I." factor in Congress and throughout all levels of government. I'm sure those Banana Republicans will prove me wrong.

  6. Truesoldier on September 28th, 2011 7:48 pm

    Doug it is even worse then you think. I checked the Solar Reserve board of directors and one of the Board participants is this guy:

    Steve Mitchell

    Managing Director
    Argonaut Private Equity

    Steve Mitchell is Managing Director of Argonaut Private Equity, a venture capital and buyout firm dedicated to financing and growing emerging market leaders.
    http://www.solarreserve.com/aboutUs-BOARD-SteveMi

    That is the same Argonaut Private Equity firm that George Kaiser is involved in. The same Argonaut Private Equity firm that was a major Solyndra investor
    http://articles.latimes.com/2011/sep/20/business/

  7. cdl on September 28th, 2011 8:22 pm

    I wonder if we could get somebody to test the Barackamedes Economic Death Ray?

    Uhh…nevermind.

  8. Granny55 on September 28th, 2011 8:50 pm

    Doubling down on failure…….gee who woulda' thunk? Sadly our children and grandchildren will pay for that failure. I am having a really bad day and this just makes me even sadder and madder.

  9. Doug on September 28th, 2011 11:27 pm

    I have a feeling all these different "solar companies" are going to be like the old cartoon that showed a gas station with several different pumps all labeled with different grades of gas, but a look underground showed that all the lines led to a single tank.

    This "clean energy" modus operandi smells a lot like the ACORN business plan: Suck up as much money as possible, then if it shuts down, open the exact same thing somewhere else under a different name and start all over again.

  10. Marshall_Will on September 29th, 2011 12:54 am

    Guest,

    You left out Big Fat Stacks of CASH..! Michelle was so special this eve on Hannity's show. Shades of the old, emphatic MM! Loved the cat's claws as she described "screaming red flags!!!" that these scams were money pits!

    NV has tried for years to get out of the boom/bust of Vegas and… several million unoccupied acres. So "the new alchemy" as Dex aptly notes, has all the earmarkings of Porkulus FRAUD in the making! Great catch, pick a screen name and stick around!

  11. Marshall_Will on September 29th, 2011 1:02 am

    Doug,

    Back when I was The Cold Calling King in the 90's, there was a big Clinton-esque push to "get more minorities in businesses". So you'd go thru a stack of lead cards and… they all had Maria Lupe Gonzalez or Tariq Abbdullah on card… after card…

    But you could never get them on the PHONE! After your asst. dialed it for 339th time you'd finally say, "Does this person even EXIST!?" And the "manager" ( who never wanted to give their name out btw ) assured they in fact did! They'd fluff an excuse like "Well, she travels quite a bit".

    That BS was a drop in the bucket compared to this scam, but the execution is the same. After we figured out they were gaming we'd say "Well… Maria needs to get in touch w/ ____ at the Small Bus. Admin!" Better times.

  12. Marshall_Will on September 29th, 2011 1:23 am

    Granny,

    Don't ask me how or why but I'm becoming increasingly confident that won't be the case. During the dot.com meltdown I was in charge of collecting on Margin Calls. Traders would reach such a LOW they'd desperately ask "Can I use my Margin to 'pay' my margin call?"

    At some point, the firm just pulls the plug and cuts them off. Risk Management steps in and tells you to write.it.off! Precisely where O'blameya' is at. Offering his ACCESS to more credit to cover past bad bets. Bit by bit his meddling is being nullified.

    Take heart! Scamlyndra did Him in. All of them.

  13. SignPainterGuy on September 29th, 2011 1:28 am

    Encouraging !

  14. dan on September 29th, 2011 8:05 am

    600 jobs at a cost to taxpayers (a loss to taxpayers) (a robbery of taxpayers) of $737,000,000, Nancy Pelosi said in that whing voice of hers, putting down rich people…"how much is enough"….Yes PIGlosi how much of the taxpayers money do you want to STEAL…HOW MUCH!!!!

  15. SignPainterGuy on September 29th, 2011 3:53 pm

    HOW MUCH ? I think the answer is obvious …. "Just a little more !"

  16. Neils Larsen on September 13th, 2012 11:54 pm

    This is some kind of stimulus or incentive for business owners to start using clean energy standards. I'm not sure if tax payers are happy with this train of thought despite them funding involuntarily student loans. loan modification attorneys

  17. MentaL on November 11th, 2012 1:26 pm

    Thank you. The dialogue was very helpful. I learned a lot of useful information.

Leave a Reply

You must be logged in to post a comment.