The World’s Largest Solar Power Plant Goes Bankrupt
3rd April 2012
Read it.
And sends even more of your tax money down the world’s largest rathole, solar power.
On Monday, yet another Department of Energy funded solar energy company –the world’s largest solar power plant—filed for bankruptcy.
The Oakland-based company has held rights for the 1,000-megawatt Blythe Solar Power Project in the Southern California desert, which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project.
The Reuters story states that the company won the loan, but as the Washington Post reported that the company turned down the loan in late September of 2011. The CEO of Solar Trust, Uwe T. Schmidt thought that the loan was “too risky”. The Obama administration was willing to loan more than two billion taxpayer dollars to a company who was unwilling to take that kind of risk. The company’s bankruptcy filings indicate they employed only nine people.