Solar Power, Here We Go Again
President Obama and the Department of Energy have already proven they aren’t very good at choosing wise investments (see Solyndra and Evergreen Solar). But what we’ve come to understand about this administration is that if their policies fail once, or twice, they’ll still try them again. And this time, they’re trying much harder.
We’re talking about the Department of Energy’s latest solar handout – ahem, loan. They’re giving $1.2 billion to Mojave Solar to fund a massive new project in San Bernadino County in California. Yes, that’s billion – with a ‘B,’ more than twice as much as they gave to the now-bankrupt Solyndra.
The sponsor of the project, Abengoa Solar Inc., claims it will create about “900 construction and permanent jobs.” Wasn’t Solyndra supposed to create 1,000 jobs? Oh right, but it lost 1,100 jobs.
The timing of this loan should raise some questions. With two other solar power ventures bankrupt, how can we, the taxpayers, be sure that this time the loan will actually help? Congressman Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Subcommittee on Oversight and Investigations doesn’t believe this is a wise investment, as he said Tuesday at The Heritage Foundation:
“The question is: how many Solyndras are out there? I’m convinced based upon what I’ve seen on this kind of industry and solar panel, that there’s more that are going to go bankrupt, and I think the president’s unwise to continue this idea of funding through taxpayer money industries that are not viable.”
Ouch. But the administration isn’t listening. How long until this company goes bankrupt? Are we, the taxpayers, doomed to find out yet another of our forced investments have gone under?