deepclips.com® We dig deep so you don't have to!™

  • Trump recovers taxpayer cash on a $1B Obama-backed solar plant that was obsolete before ever going online

    Trump recovers taxpayer cash on a $1B Obama-backed solar plant that was obsolete before ever going online

    The Department of Energy reached a settlement Thursday to recover $200 million in taxpayer funds from a loan the Obama administration distributed in 2011 to finance a $1 billion solar power plant that was deemed obsolete before it could officially go online.

    H/T: Daily Caller

    The settlement between DOE and Tonopah Solar Energy must now be approved by a bankruptcy court, the Las Vegas Review Journal reported.

    The $1 billion Crescent Dunes Solar Energy Plant, which received $737 million in loan guarantees in 2011, has been offline since April 2019. The closure brought back memories of California solar panel manufacturer Solyndra which received a $535 million federal loan guarantee in 2009 only to file for bankruptcy in 2011.

    Department of Energy spokeswoman Shaylyn Hynes announced the deal with the company, which still must be approved by a bankruptcy court, as a win for taxpayers in a statement to the Review-Journal.

    “This project has consistently faced technical failures that have proven difficult to overcome. The department’s decision was made after years of exhausting options within our authority to get the project back on track, given the significant taxpayer investment the prior administration committed to this project,” Hynes said.

    Under President Barack Obama, the Department of Energy agreed to issue loan guarantees for the Nye County project in September 2011, shortly after Solyndra shuttered and filed for bankruptcy. Solyndra became a source of embarrassment for a president who had visited the company’s Fremont plant in 2010 and declared, “The true engine of economic growth will always be companies like Solyndra.”

 Latest

Search

Dig Deeper

Popular Topics

Recent video

Recent election

Recent coronavirus

Recent trump

Recent scotus

© 2020 DeepClips.com ALL RIGHTS RESERVED — Contact