Google billionaires request $539 million federal bailout after spending $1.6 billion of “stimulus”

wordpress ^ | December 1, 2014 | Dan from Squirrel Hill

[grundle]

Dan from Squirrel Hill's Blog

Google billionaires request $539 million federal bailout after spending $1.6 billion of “stimulus” funding on failed solar power project

Ivanpah is a solar power company owned by Google, BrightSource Energy, and NRG.

In April 2011, as part of Obama’s “stimulus,” Obama gave Ivanpah a $1.6 billion loan guarantee to build a solar power plant.

In November 2014, when the plant was up and running, it produced only half as much electricity as what Ivanpah had predicted.

Ivanpah blamed this failure on “clouds,” and asked Obama for a $539 million bailout.

Google is owned by Larry Page and Sergey Brin. At the time they requested this $539 million bailout, Page was the 19th richest person in the world, with assets of $30.4 billion, and Brin was the 20th richest person in the world, with assets of $30 billion.

[GeronL]

No bailouts!!

[Sirius Lee]

Ivanpah blamed this failure on “clouds,” and asked Obama for a $539 million bailout.

All funding must originate in the Congress. But don't worry, there are plenty of call girls for the crony capitalists to tap on either side of the aisle there.

[lowbridge]

Bump

[Slyfox]

The money that Solyndra got came from the fund that was intended for the development of vaccines to fight weird viral infections like ebola.

So, the money for this solar boondoggle probably came from the same fund.

[Opinionated Blowhard]

Crony Capitalism at its worst.

[upchuck]

This is the plant that has been, literally, frying flying birds that got too close.

What a boondoggle. Tell the Google billionaires to stuff it.

Further reading:

Dead-Bird ‘Steamers’ at a California Solar Plant: 28,000 birds incinerated at Obama's favorite plant

Birds Bursting Into Flames Above Solar Farm Stirs Calls To Slow Expansion

BrightSource solar plant sets birds on fire as they fly overhead ($2.2B plant heats 100,000 homes)

[hal ogen]

The only “bailout” these criminals should get is a free trip to a long stay in prison.

[Bob]

Did it even produce half of its projected output? I seem to recall a much lower figure being reported earlier. I’ll try to find a cite for that. I don’t remember where I saw it. (Or perhaps the projections were “adjusted” after the fact.)

[Wingy]

Yeah, I seem to remember a 25% figure. Contrails and clouds were to blame.

[Vaduz]

Ivanpah blamed this failure on “clouds”.
Do they know Obama or what he loves the blame game more money to ensue.