Wednesday, September 28, 2011

$1 bil energy loan ($1.05 mil per job)

The Solyndra story gets bigger and darker as some journalists start digging into the policies of the Obama Administration’s Energy Department philosophy of spending whatever it takes to construct solar “anything”.

I’ve posted two stories here.  The first story is a continuation of how “Solyndra”  squandered money on un-needed items for the plant.  The second story is about “two” energy loans approved today (two days before the deadline on the energy stimulus money availability) to build “two” solar plants, at a cost of $1billion in energy loans for 900 construction jobs and 52 permanent jobs.  That’s $1.05million per job!Sus Devp (small)

Yours In Truth, Shelly

Overcome the Bullies & Support Liberty ~ Anyone but Obama in 2012

Solyndra’s $733M Plant Had Robots, Spa Showers

By Alison Vekshin and Mark Chediak - Sep 28, 2011 9:27 AM PT

Enlarge imageSolyndra’s $733M Plant Had Robots, Spa Showers

Solar panels sit at Solyndra Inc. at their manufacturing plant in Fremont, California. Photographer: Tony Avelar/Bloomberg

Enlarge image

Solyndra’s ‘Taj Mahal’ Factory Raised Eyebrows As Sales Wane “That’s a lot of money that went into that factory and I just don’t get how that factory is going to make this company successful,” said Barry Cinnamon, chief executive officer at Westinghouse Solar, a Solyndra LLC competitor. “It’s one of those neck-snapping things every time you drove down the highway." Photo: David Paul Morris/Bloomberg

The glass-and-metal building that Solyndra LLC began erecting alongside Interstate 880 in Fremont, California, in September 2009 was something the Silicon Valley area hadn’t seen in years: a new factory.

It wasn’t just any factory. When it was completed at an estimated cost of $733 million, including proceeds from a $535 million U.S. loan guarantee, it covered 300,000 square feet, the equivalent of five football fields. It had robots that whistled Disney tunes, spa-like showers with liquid-crystal displays of the water temperature, and glass-walled conference rooms.  Click here for the full story.

Obama admin approves 2 solar loans worth $1BAP Photo

Associated Press

AP Photo

WASHINGTON (AP) -- 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.

SolarReserve LLC, of Santa Monica, Calif., the parent company for Tonopah, is privately held. The Energy Department said its rules prevented it from discussing the company's financial information. Sempra Energy of San Diego, which owns Mesquite, is publicly held.

Energy Department spokesman Damien LaVera said the two projects had extensive reviews that included scrutiny of the parent companies' finances.

Chu said the Nevada project would produce enough electricity to power more than 43,000 homes, while the Arizona project would power nearly 31,000 homes. The two projects will create about 900 construction jobs and at least 52 permanent jobs, Chu said.  Click here for the full story.

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