Great News: Obama Dept. of Energy Rushed Out Another Billion in Loan Guarantees to Solar Companies
September 28, 2011 - 2:34 pm
The Obama admin rushed out money to Solyndra to take advantage of photo-ops. We know how that worked out. But the administration does not appear to have learned anything from the experience.
The Energy Department announced Wednesday that is has finalized more than $1 billion in loan guarantees for two separate solar energy projects.
The decision comes several weeks after Solyndra, a California-based solar manufacturer that 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.
It also comes about two days before the money would have dried up, on Oct. 1.
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 said the project will result in 600 construction jobs and 45 permanent jobs.
More at the link. Solyndra was supposed to get us 1,100 jobs, which it did — for a while. Now those laid off workers are filing for more federal money to get re-trained. How long will these billion dollar jobs last?