Posted on 09/12/2016 10:12:21 AM PDT by ImJustAnotherOkie
Solar panel producer SolarCity managed to raise $305 million thanks to a massive investment from an equity fund affiliated with billionaire liberal George Soros.
A private investment fund tied to Quantum Strategic Partners Ltd provided the company the bulk of the investment. Soros Fund Management LLC advised the fund.
The deal also includes an 18-year-loan with several other investment groups, the company said Monday in a press release.
Both the loan and the cash infusion came as technology entrepreneur Elon Musk attempts to merge SolarCity and electric vehicle maker Tesla Motors. Musk is the chairman of both companies and owns nearly 20 percent of each company.
Another in a long line of reasons not to own one.
The State of NY has just completed a $750 million factory for Solar City in Buffalo NY. Crony-capitalism reigns supreme.
But that plant now needs to be filled with manufacturing equipment. I really doubt that Soros’ money will last very long.
Soros is counting on a government bailout of the solar industry.
Musk loses my support. I’ll have to get to Mars some other way :^(
How do you test solar panels in Buffalo, NY?
What do you have like 25 days of sunshine per year?
More money laundering.
I always disliked Crony Crapitalist Musk for making his billions off the backs of unwitting American Taxpayers...
But now, he allies with pure evil.
To hades with them both.
Nicknamed; Miami of the North, I think 3rd/per capita for swimming pools, we probably get about 26 days/ year :)
Ed
Now I’m conflicted. We have Solar City and love it. It has taken my $300 average power bill down to $6 average to PNM and $130 to Solar City. My worst month, July, usually averages about $600 for electricity and this year was $260 total.
In NM having solar power on your home serious appreciates it’s value, especially if they are not visible from the front of the property.
The panels will produce current even in indirect sunlight or overcast, though the power out is reduced.
The difference can be pretty large. Solar providers get paid 12 cents for power created away from peak because peak is after sunset in winter. That power is unreliable. In contrast we can buy reliable power, even at peak, for 4 cents. Which is a better deal, power we don't need and is not reliable for 12 cents, or power delivered at peak time, reliably, for 4 cents?
Soros, the seditious SOB, belongs in prison.
He is a billionaire, but calling him a "liberal," takes the faux definition of "Liberal" to a new level of absurdity.
There are huge subsidies for solar from taxpayers and the other electric customers.
That will end some day and you may find the contract terms lock you into a bad deal then.
But that day may be a very long way away.
Get it while you can.
We average 350 sunny days a year. In fact, before New Mexico was The Land of Enchantment, it was The Sunshine State.
That's good because with that kind of average your predictability will be higher. Predictable power is much more valuable than unpredictable power.
Here in Virginia the ratepayer subsidy is a problem. My provider (nonprofit) has to raise everyone else's rates to accommodate solar providers. But in NM and the rest of the desert SW it is a different story. Predictable solar can be used with a semi-smart grid to lower costs.
It’s very irresponsible of a Virginia utility to have more than a miniscule solar or wind content.
There is no mandate.
Of course a little for public relations reasons is OK.
Even in areas where solar is both reliable and plentiful there is an inherent limit to it’s economic use that is being reached already.
Not sure of the exact numbers but it’s in the 25% to 35% range.
One would think it’s be in 40% to 50% range just looking at hours of sun but there’s more to be considered (which I don’t remember besides capital costs sorry!).
When investment = bailout, we’re doomed. As much as I hate Soros, is it reasonable to think he’d give cash to Tesla out of benevolence? Of course not! He’s making an investment.
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