Another Gov’t-Backed Clean Energy Co. Touted by Obama Admin Goes Bankrupt

The Blaze ^ | 4/2/12 | Becket Adams

[Nachum]

A California solar energy company that was unable to meet a deadline for an Energy Department loan guarantee last year has sought bankruptcy protection in Delaware.

“Solar Trust of America LLC…holds the development rights for the world’s largest solar power project,” Reuters reports, “which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project [emphasis added].”

Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million.

“We have been working with Solar Trust of America for a couple of years in getting this project going,” David Lane, Blythe’s city manager, said in an interview with Reuters. ”Although the project is not in the city limits, we are the only city within 100 miles. My sense is that with the large investment in what was to have been the world’s largest solar power plant, someone somewhere will buy it and build it.”

The company said it “ran short of liquidity” after Solar Millennium AG, which holds a 70 percent stake, sought court protection in December, according to Reuters.

[Nachum]

Yoda: Unexpected this is.

Not.

[Nachum]

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[BfloGuy]

The company said it “ran short of liquidity”

I always run short of liquidity just before payday. I hate it when that happens.

[A. Morgan]

What a F....ing RECORD!

[ExCTCitizen]

I’m Suprised....(not!!).

[The Cajun]

“which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project

Simple, Poof/flash, nothing there or missing............Except the money.

[Gasshog]

How many failed clean-energy companies is it now.

One for every 57 States?

Tripe!

[drypowder]

obozo’s cronies (the mob and other donors) have looted billions from us on this green energy scam

[freekitty]

These corporations are money laundering places.

[rawcatslyentist]

100% Clean Green. No footprint, very few fingerprints.

Hey BONEHEAD!!!!! How much longer are we to be ROBBED? Gank his credit card YESTERDAY!!!!

[GOPJ]

The company said it “ran short of liquidity” LOL - The only people who will be surprised will be members of the press - who bought this bull - hook, line, and sinker.

[GOPJ]

The company said it “ran short of liquidity”

LOL - The only people who will be surprised will be members of the press - who bought this bull - hook, line, and sinker.

[RedMDer]

FIGHT LIKE A SPARTAN!

[Cyber Liberty]

“Solar Trust of America LLC…holds the development rights for the world’s largest solar power project,” Reuters reports, “which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project [emphasis added].”

Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million.

Wait. A company with > 2 Billion bucks worth of loan guarantees goes belly-up over < 50 Million bucks of liquidity issues? Is the big $$$ gone or never spent?

[Secret Agent Man]

These were all designed to go bankrupt. They took their money and folded. They got what they were designed to get.