Posted on 09/28/2011 9:40:09 AM PDT by maggief
The Energy Department announced Wednesday that is has finalized a $737 million loan guarantee for a Nevada solar project.
The decision comes several weeks after a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009 filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington.
The $737 million loan guarantee will help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve.
Crescent Dunes is the latest solar project to receive a loan guarantee from the Energy Department in recent weeks. The department announced a $1.2 billion loan guarantee to Abengoa Solar for a solar generation project in California and a $150 million loan guarantee to 1366 Technologies for a Massachusetts solar manufacturing project earlier this month.
The Energy Department says the project will result in 600 construction jobs and 45 permanent jobs.
(Excerpt) Read more at thehill.com ...
http://www.solarreserve.com/aboutUs.html
Investment Partners:
US Renewables Group
Good Energies
Citigroup
PCG Clean Energy & Technology Fund (East) LLC
(http://www.pcgfunds.com/people.html
Christopher Bower
Founder/Chairman/CEO
...
Ronald Pelosi
Mr. Pelosi brings to PCG Asset Management a distinguished career in business and public service. He has an extensive background in the securities industry, mutual funds, and private equity. He is an accomplished Financial Industry Regulatory Authority (FINRA) mediator, and has served in a number of positions as a public official.
Mr. Pelosi is the President of Trenholm Associates, a consulting firm offering specialized services to companies in the financial industry. His investment firm experience includes: Senior Advisor, ReFlow Management; President, Forward Funds, diversified mutual fund group; President, Webster Investment Management Company; President, Longwood Co., member firm, NASD; Representative, Dean Witter & Company, and, Hambrecht & Quist; Board of Trustees, Pacific Corporate Group Private Equity Fund. In addition, he was a Partner of Korn/Ferry International, an executive search firm.
Presently, he serves on FINRA’s national panel of mediators. Formerly, he was on the arbitration/mediation panels of the New York, American, and Pacific Coast Stock Exchanges. He was also on the American Arbitration Association roster of arbitrators.
His record of public service includes: President of the San Francisco Board of Supervisors; President of the San Francisco City Planning Commission; Chairman of the Board, San Francisco Employees’ Retirement System; Board of Directors, Golden Gate Highway and Transportation District, Association of Bay Area Governments, and the League of California Cities. He is currently a standing guest lecturer on Mediation for Dispute Resolution at Stanford University.
Mr. Pelosi holds a BA from Stanford University in American History.
...)
Nazarian Enterprises
CalPERS Clean Energy and Technology Fund
Argonaut Private Equity
Credit Suisse
//
How Did Nancy Pelosi’s Brother-in-Law Become No. 2 at PCG?
The Green racket in full swing.
Almost a billion dollars for 110 megawatts.
Institutionalized corruption
Any words that are not profanity, fail. -shakes head-
AGW ping?
Stop this theft of Chinese money!
Where is our new congressthings?
How Did Nancy Pelosi’s Brother-in-Law Become No. 2 at PCG?
The swamp monster needs to clean her own swamp! Outrageous! I am picturing how Nance would look in neon orange.
Hmmmmmm, I wonder how much of a “cut” Harry Reid got?
110 MW is a piss ant of a power plant, read below....
let’s say you went really big, and you created a solar array somewhere in the U.S. the size of five hundred football fields (roughly a square mile). How much power would you get? The answer is roughly 150 MW, and only during the day when the sun is out. A typical power plant produces about 750 MW. So supplanting one power plant would require five square miles of panels. This is not compelling.
Supplanting our entire electrical supply with solar would require turning the entire state of South Carolina into one large solar panel. Or...maybe we should stick them out in the desert. Seems logical. Senator Feinstein has proposed paneling over 500,000 acres of the Mojave Desert. But again, we run into mundane practical problems, even before considering things like the environmental impact of covering that much land. When solar panels collect dust and grime, they lose much of their effectiveness, so they must be cleaned frequently. Where, exactly, are we going to get the water needed for cleaning in the middle of the desert? And who’s going to be out there wiping down 500,000 acres of panels?
This is insane.
” And who’s going to be out there wiping down 500,000 acres of panels? “
Probably one of those ‘jobs Americans won’t do’.....
Tagging this later on can perhaps bring about a permanent end of the Energy Dept, which is a waste of resources.
*
It’s criminal...
http://reid.senate.gov/newsroom/pr_122209_solarreserve.cfm
Reid Statement On Job Creating Power Contract Between NV Energy And SolarReserve
New solar energy facility to be built in Nye County, bringing jobs to rural Nevada
December 22, 2009
Washington, D.C.—Nevada Senator Harry Reid made the following statement after NV Energy announced a 25 year agreement with SolarReserve to construct a new solar energy facility with innovative energy storage that will create up to 450 construction jobs, 45 permanent operations jobs, and 4,000 indirect jobs, while producing enough electricity to power 75,000 homes during peak electricity periods:
“This is a major jobs announcement for rural Nevada, Reid said.” “When the U.S. Air Force expressed reservations about the construction of this facility, and the project seemed dead, I contacted Defense Secretary Robert Gates to discuss how we could figure out a way to get this done for our state without interfering with the critical military training and testing activities at the Nellis Air Force Range.” “I’m pleased that we were able to work together to ensure that this state-of-the-art solar facility will be built in Nye County, bringing nearly 500 construction and permanent jobs and up to 4,000 indirect jobs to rural Nevada, as we make Nevada the nation’s clean energy leader.”
Almost a billion dollars for 110 megawatts”
They have other green energy subsidies and the above market power purchase agreement with NV Energy and they still can't get anyone to finance the project.
The taxpayers have to put up $737 million. But wait, there are supposedly 45 permanent jobs created. Even if this number is true (it is probably inflated) it is still $16.4 million per job just for the loan guarantee.
Solar energy (and all the green energy fraud) is not economically practical. It only exists because it allows politicians a way to take billions of dollars from taxpayers and give it to their friends, relatives and supporters.
I do like your solar panel example. I imagine hundreds of thousands of Democrats out there each day with no water trying to wipe them down. Now that's a green jobs program.
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