News that bonds and stocks of Abengoa SA - the Spanish renewable-energy company - plunged after a plan to shore up capital failed to reassure investors that it can stop burning cash is likely to have passed many by. But coming just one day after President Obama unleashed his Clean Power Plan, the fact that the company - that is now facing significant liquidity concerns - received over $230 million in US taxpayer subsidies in 2014 - despite two ongoing federal investigations - may raise an eyebrow or two as images of Solyndra's government-sponsored farce come to mind... as Diane Feinstein, Ken Salazar, and Bill Richardson - with the help of subsidies and Ex-Im bank loans alledgely exerted their influence to keep this zombie alive.
In 2014, as FreBeacon reports, the Spanish renewable energy company under investigation by at least two federal agencies unveiled a new biofuel production facility on Friday that will receive hundreds of millions of dollars in federal subsidies.
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1 comment:
The Renewable industry is riddled with fraud and corruption. Wind, solar, and biofuels programs are designed to bilk taxpayers and ratepayers out of their hard earned dollars while these slick swindlers pad political pockets and run away with our money.
These industries would not exist if not for the "free" flow of subsidies and greedy politicians who sell out their constituents in the name of "green" energy!
These sources of energy are not sustainable nor affordable. Jokes on us and I am not laughing.
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