Thread: Energy Department approves $737 million solar loan guarantee

These people are working overtime to screw us over it seems....the money goes in one door and out the back!!!! Great Job.....Energy Dept....another useless govern"mental" Dept.




Energy Department approves $737 million solar loan guarantee
By Andrew Restuccia - 09/28/11 11:02 AM ET

The Energy Department will announce later Wednesday that is has finalized a $737 million loan guarantee for a Nevada solar project.

The decision comes several weeks after 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.

The $737 million loan guarantee will 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.

Crescent Dunes is the latest solar project to receive a loan guarantee from the Energy Department in recent weeks. The department announced a $1.2 billion loan guarantee to Abengoa Solar for a solar generation project in California and a $150 million loan guarantee to 1366 Technologies for a Massachusetts solar manufacturing project earlier this month.

The Energy Department outlined its plan to approve the loan guarantee in a Federal Register notice set to be published Thursday.

The Crescent Dunes facility will generate power using concentrated solar power technology, in which a series of mirrors direct sunlight onto a receiver at the center of the plant.

The Solyndra loan guarantee, unlike the one for Crescent Dunes, was used for a solar panel manufacturing facility.

The decision to finalize the loan guarantee comes just days before the Energy Department’s advanced energy loan-guarantee program, which was funded under the 2009 stimulus law, expires. The department is hoping to make a final decision on about 10 other projects by Sept. 30.

Republicans in Congress have raised concerns that the Energy Department will be forced to rush the final review of the projects because of the tight deadline. But top Energy Department officials say they will not approve any projects without subjecting them to detailed analysis.

The Solyndra controversy has cast a shadow over the Energy Department’s loan-guarantee program, which provides financing for renewable energy, advanced biofuels and electric power transmission projects.

Republicans allege that the administration missed a series of warning signs that hinted at Solyndra’s financial troubles.

Republicans on both the House Oversight and Government Reform and the Energy and Commerce committees have launched investigations into the loan-guarantee program as a result of the Solyndra bankruptcy.

The Justice Department and other federal agencies are also investigating Solyndra.


http://thehill.com/blogs/e2-wire/677-e2 ... ar-project

The Solyndra loan guarantee, unlike the one for Crescent Dunes, was used for a solar panel manufacturing facility.

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Wasn't the US solar panel market flooded with solar panels made in China?

They share some of the same investors.

the parent company is Solar Reserve.
http://www.solar-reserve.com/aboutUs.html