#greenfail: Solar Trust of America Files for Bankruptcy.

Russ Steele

Powerline has the story HERE:

The collapse of the “green” energy industry continued today, as Solar Trust of America LLC filed for bankruptcy. Solar Trust was, it claimed, carrying out the world’s largest solar energy project in California. Two things make Solar Trust’s bankruptcy especially newsworthy: first, Barack Obama’s Department of Energy offered the company a $2.1 billion loan guarantee just last year. Fortunately, Solar Trust turned it down . . .

ooo

The second reason why the Solar Trust bankruptcy story is remarkable is that its own German parent companies declined to continue funding the company, even as Steven Chu’s Department of Energy was willing to put American taxpayers on the hook to the tune of $2.1 billion. . .

Conclusion:

What could better illustrate the rampant fraud or incompetence–take your pick–that besets the Obama administration? One of the owners of Solar Trust, a German “industrial heavyweight,” refused to put any more money into that company two years ago, while the Obama administration was willing to pour $2.1 billion of American tax dollars down the rathole just last year. And even today, as the solar and wind industries collapse in a sea of unpaid bills, Barack Obama yaps on and on about how taxpayers should invest in “green energy.” The man’s economic ignorance is frankly staggering.

Even with all the AB-32 mandates for renewable energy the largest solar project in the state has to file for bankruptcy, how are we ever going to get to the mandated 33% of renewables?  We are not!

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About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

2 Responses to #greenfail: Solar Trust of America Files for Bankruptcy.

  1. D. King says:

    “…how are we ever going to get to the mandated 33% of renewables? We are not!”

    I’m sure they’ll now include hydro in the renewable energy portfolio and use AB32 for the big slush fund it was designed for! Any bets?

    BTW, the California PacifiCorp hydro dam removal is slated for 2020. Wow, that was lucky…..or not.

  2. D. King says:

    “Ironically, the Renewable Portfolio Standard pushers have steadfastly refused to acknowledge that hydroelectric power substantially contributes to the 33 percent renewable goal, as it does in Quebec. Unlike solar and wind power, hydroelectric power is affordable, renewable and abundant.

    In June, the Legislature killed part of a bill that would have added all hydroelectric power to the California Renewables Portfolio Standard.”

    Stay tuned!

    http://www.calwatchdog.com/2012/02/08/california-energy-crash-coming/

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