Beam me to Planet Gore !
Posted on 10/03/2011 8:35:30 AM PDT by jazusamo
Here we go again: another gigantic taxpayer-funded loser, courtesy of President Obama's administration -- and this one seems to have helped friends of Harry Reid.
Eric Lipton and Clifford Kraus of the New York Times cover the tale:
In a remote desert spot in northern Nevada, there is a geothermal plant run by a politically connected clean energy start-up that has relied heavily on an Obama administration loan guarantee and is now facing financial turmoil.
The company is Nevada Geothermal Power, which like Solyndra, the now-famous California solar company, is struggling with debt after encountering problems at its only operating plant.
After a series of technical missteps that are draining Nevada Geothermal's cash reserves, its own auditor concluded in a filing released last week that there was "significant doubt about the company's ability to continue as a going concern."
It is a description that echoes the warning issued in 2010 by auditors hired by Solyndra, which benefited from the same Energy Department loan guarantee before its collapse in August caused the Obama administration great embarrassment.
This boondoggle got a loan guarantee of $79 million plus an outright grant (gift) of $66 million.
Who went to bat for the company?
Is it purely coincidental that the plant is based in Nevada, home state of Senate Majority leader Harry Reid?
The Times notes he has been a strong proponent of geothermal power:
(Excerpt) Read more at americanthinker.com ...
Ping!
PONG!
I’m quite sure the threat of a public hanging
for all interested parties would perhaps bring
some reality to an administration and congress,
that are without any semblance of reality.
I believe Solyndra opened the floodgate to the massive fraud on these loans since Obama became dear leader.
“O” is so false and flawed...has been only grudgingly forthcoming with America, has told so many lies and has constantly deferred to others who are themselves accomplished liars and laughably incompetent, that his lack of fitness for the Presidency is by now revealed, daily and almost hourly.
Conservatives always knew about his lack of fitness to lead this country...everyone else is standing around almost stunned at this ceaseless display of “O’s” abject inability and lack of character.
Well said. It would almost be comical if it wasn’t for the total mess he’s put the country in. Here’s hoping a decent leader can straighten it out in a reasonably short time.
That is why dingy Reid NEVER visits the real Nevada!
His insane desire to render the entire state as “Wilderness” gets the eco-nuts to love him, but not the Nevada ranchers.
His efforts to steal all the water from rural Nevada guarantees Las Vegas supports him, but makes his name a pejorative in the rest of the state.
Disappointing article.
It no doubt covers the crony corruption pretty well.
But it fails to mention that geothermal is one of the few “Green” systems that usually works well and does not transfer most of the funds to China.
We have several geothermal plants in Nevada, with good sites for several more.
We would have MUCH more geothermal if pinky Reid had not blocked several excellent sites from consideration when he snuck the “Black-Rock Wilderness and NCA” into a spending bill in order to shove it down our throats.
The black-Rock is home to several large very large, very hot, hot springs that would make great geothermal sites.
So long as they are PRIVATELY funded without Fed. involvement I support geothermal as it is a mature technology that actually works.
If this company is failing they either intended to fail, or made some bad decisions early on, probably counting on Harry and the Fed. to cover their errors.
Location, mineral content of the water, technology, are all critical to a successful geothermal plant.
I also take STRONG exception to the article referring to Nevada land as being “Federal Land”, that is a fight that has not been settled yet, the Fed. claim is unconstitutional.
The Democrats are backing their Chevy Volts up to the doors of the public treasury and throwing bags of taxpayer money into the back as fast as they can. Democrats - Thieves, Thugs, Thralls and Thickheads
I couldn't agree more. Any form of alternate (green) energy isn't worth spit unless it can be financed and developed without taxpayer subsities.
His efforts to steal all the water from rural Nevada guarantees Las Vegas supports him, but makes his name a pejorative in the rest of the state.
If I was a betting man I would say Vegas could likely
outvote the rest of the state combined even with a 100
percent participation outside of lost wages. A situation
that should be rectified in every state that suffers
from big city voting crappola, IMHO.
Not quite true, Lost Wages has actually been losing population of late.
The D gerrymandering effort is not looking too successful, it’s gone to court.
How much did we bet?
If I was a betting man
Fortunately my disclaimer preceded the bet.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
