In September 2013, the bank approved two loans totaling $33.6 million to Abengoa for solar projects in Spain and South Africa. When the bank authorized the loans, former New Mexico Gov. Bill Richardson, a Democrat, was one of 17 members serving on Ex-Im’s advisory board.
Richardson, who also served as secretary of the Department of Energy under President Bill Clinton, was also a member of Abengoa’s international advisory board at the same time.
Such ties between government agencies and private companies benefiting from taxpayer-backed financing are not uncommon, de Rugy said, and often times firms like Abengoa will “double dip” into several government programs.
“I think what we see with Abengoa, it’s a perfect example of decisions and due diligence that is not driven by how sound a project is, but that is driven by politics,” de Rugy said.
From 2007 to 2014, for example, Abengoa received $3 billion in financial assistance from both Ex-Im and the Department of Energy.