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Monday, November 10, 2014

Obama’s $1.6 Billion Solar Plant Still Failing, Wants Taxpayer Bailout of Another $539 Million

Obama gave the California-based Ivanpah Solar Electric Power Plant $1.6 billion of your tax dollars already claiming that it would bring a thousand jobs and power to millions of people. But the plant is still failing financially and now is demanding another $539 million taxpayer bailout to keep it afloat.

Like all of Obama’s so-called “green energy” projects, this is a massive failure and a giant waste of tax money.

After already receiving a controversial $1.6 billion construction loan from U.S. taxpayers, the wealthy investors of a California solar power plant now want a $539 million federal grant to pay off their federal loan.

“This is an attempt by very large cash generating companies that have billions on their balance sheet to get a federal bailout, i.e. a bailout from us – the taxpayer for their pet project,” said Reason Foundation VP of Research Julian Morris. “It’s actually rather obscene.”

The Ivanpah solar electric generating plant is owned by Google and renewable energy giant NRG, which are responsible for paying off their federal loan. If approved by the U.S. Treasury, the two corporations will not use their own money, but taxpayer cash to pay off 30 percent of the cost of their plant, but taxpayers will receive none of the millions in revenues the plant will generate over the next 30 years.

“They’re already paying less than the market rate,” said Morris, author of a lengthy report detailing alleged cronyism and corruption in the Obama administration’s green energy programs. “Now demanding or asking for a subsidy in the form of a grant directly paying off the loan is an egregious abuse.”



Anonymous said...

The POTUS does not make these decisions. His bosses tell him what to do. They also tell Congress how to vote.

The OWNERS will get our money. What would possibly stop them?

Anonymous said...

Um, in case he hasn't been paying attention, California's bankrupt because of the decisions it makes. That's why our own Jack Markell jetted off to there to learn how to get the Delmarva economy back on track.

Stupid, again, cannot and will not be fixed!

Anonymous said...

Renewable energy projects do not work. It is just a money switch from hard-working citizens to the wealthy few who are taking advantage of Obama economics.