Another solar bust

Larry Gude

Strung Out
Good question. If any company got a bailout pushed by President Stompy Foot I would have thought it would be that one.

What difference does who the president is make? The exact same case, maybe even a better one could be made to relieve this troubled asset.
 

Gilligan

#*! boat!
PREMO Member
What difference does who the president is make?

Silly question. It makes a big difference in who the winners and losers are. The current SCOAMF likes him some electric cars, solar panels, and windmills. Coal?..oil and natural gas?...heavy industries?...not so much.
 

Chris0nllyn

Well-Known Member
Strange when you consider how well SolarCity is doing.

The difference being Elon Musk. The man is pure genius. SolarCity didn't invent the solar panel, it just gives customers more opportunities to get solar panels on their house.
 

Gilligan

#*! boat!
PREMO Member
Holy carp! More US taxpayer dollars wasted chasing rainbows and moonbeams.


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.

http://dailysignal.com/2016/04/18/after-receiving-191-million-in-taxpayer-backed-loans-spanish-solar-company-files-for-bankruptcy?utm_source=facebook&utm_medium=social&utm_campaign=tds-fb
 
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