Posted on 01/13/2009 12:04:00 PM PST by NormsRevenge
Frozen capital markets are putting the chill on a fast-growing California solar company, a sign that the economic downturn is being felt even in the state's thriving renewable-energy sector.
Hayward-based OptiSolar Inc. confirmed Monday that it dismissed nearly half its 600-member workforce last week, cutting 185 jobs at its Hayward facility and 105 at a plant in Sacramento.
The privately owned start-up, which develops utility-scale solar farms, hasn't been able to secure financing to complete a planned expansion of its photovoltaic panel assembly facilities, according to company spokesman Alan Bernheimer.
"The equity markets just froze up last fall," he said. "We found ourselves with a staff whose numbers were predicated on rapid expansion, and that wasn't sustainable" without additional funding.
Bernheimer said the company was seeking loan guarantees from the U.S. Department of Energy that would enable it to complete the build-up of its manufacturing operation and hire back some of its laid-off workers.
More than jobs may be at stake. OptiSolar made a big splash last year when it announced it would build a 550-megawatt solar farm in San Luis Obispo County whose power would be purchased by San Francisco-based Pacific Gas & Electric on a long-term contract.
(Excerpt) Read more at latimes.com ...
Don’t even say .. “They need a ‘bail-out’!” .
Why isn’t George Clooney, Leonardo and the rest of the hollywooders putting up the dough?
without government mandates and subsidies it’d be a worthless thing anyway
There goes one pillar off of Obama’s Recovery Plan.
Add to your list $200/bbl oil.
I thought the solar build out was part of O’s grand plan.
Does he have a Plan B?
They are already supplying the wind.
This is a “Pay to play Green” to get some of Obama’s Green jobs money for badly managed green business.
First you layoff 600 -THEN- Obama gets credit for job creation when the bailout money hits.
I’ve commented many times on the issue of Solar Energy. Solar can only be a small amount of the total energy we require. Even in the best climates like Arizona or Southern California you really only get about 6 hours a day of good sun. This is about 25% of the time. What about the other 3/4 of the time? Solar does next to nothing for transportation energy. I’ve been very depressed by the people who have oversold solar as being a big part or the energy solution. The biggest fool of all is the guy who is going to be sworn in as POTUS in a very few days. He really thinks Solar is important. Without heavy government subsidies, Solar would all but go away.
Can I say it now?
I told you so!
No massive subsidies, no industry.
That's the way it's been for the last 50 years!
What's the definition of insanity again?
Sounds like a giant boondogle/scam to me. But we should ask Obama and his wacko green friends to put their money where their mouth is.
More than jobs may be at stake. OptiSolar made a big splash last year when it announced it would build a 550-megawatt solar farm in San Luis Obispo County whose power would be purchased by San Francisco-based Pacific Gas & Electric on a long-term contract.Would not such a thing be better built in the Mojave Desert?
There are serious engineers/businessmen who push these impratical/uneconomical projects. These are what we call "boondogles". The engineers, at least the ones that are competent and honest with themselves, know they will never be economical and/or practical at large scale. That goes for wind also.
I've worked on such boondogles during my carreer.
They are sometimes billed as feasibility studies or pilot projects. We would never put our own money into them but we know a politician will. So we build the pilot project and do the study and we all get what we want. The engineer gets a paycheck and learns something in the process and the politician gets the publicity.
Factoring all that in, the entire energy requirements of the United States can be generated on a square of land 200 miles on a side, which is a postage stamp compared to the total land area of the US. To say that solar "can only produce a small amount of the energy we require" is simply BS. The sole limiting factor is the cost of cells, and with the breakthrough of printed CIGS cells by Nanosolar, it looks like that one is going away.
Of course. Why shouldn't central planners from the federal government determine which companies survive at taxpayer expense?
"Once you've built the plant, the fuel is free," Rogan said.
He said the plant will have a life span of roughly 30 years, possibly more, depending on how the facility is maintained.
This would be a good feasibility project. The sunlight is free but there will be maintenance costs. And the 4000 homes will need to be switched over at night or when it's cloudy to a conventional power source.
The total cost of maintaining the solar plant plus the cost of the auxiliary power for night time will have to be factored in.
My gut tells me it will never be as economical or practical as 100% coal or nuclear.
And yes the Mojave desert wold be a better location if maximum sunlight is your only consideration. Remember you will need HV Transmisson lines from the Mojave to San Luis Obispo. An extra cost.
Oil will soon be at $25/barrel. Hard to justify solar at those prices. Unfortunately Obama will find a way with $500 billion of your tax dollars.
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