The Ivanpah solar energy plant in Nevada is a horror, slaughtering thousands of birds annually by incinerating them mid-air, failing to deliver much more than 25% of the power it promised, soaking up hundreds of millions of dollars in subsidized federal loans, and now seeking to have taxpayers pay off those loans with a gift (a “grant”) to its ultra-wealthy owners Google and solar energy giant NRG, who have already reaped huge tax benefits.
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.
More
3 comments:
Obama Solar.
There are over 50 solar companies that have gone bust and stolen American tax money DEMOCRATS, under the Obama regime willingly gave to friends and relatives.
That is crony SOCIALISM.
If you can't pay your bills, it means your business plan did not work, and now you are bankrupt.
Now it's time to find a buyer for your ex-business and its equipment and pay off what debt you can with the proceeds.
That's how it works, and those are the rules.
Google just signed a $ Billion+ lease w/ the government for an airfield, but they don't have the cash to pay off a loan after they've obtained the tax credits?
They're pushing the alternative energy agenda, let THEM pay for it.
What happened to "Do No Evil"??
Post a Comment