Solyndra II: Energy Company Busts on Eve of Climate Summit

Breitbart ^ | November 29, 2015 | by CHRISS W. STREET

[Hojczyk]

As President Barack Obama departed for the climate summit in Paris, he faces a new “Solyndra” scandal as Spain’s Abengoa SA, which received $3 billion in administration sustainable energy loans and Export-Import Bank guarantees, announced that it has started bankruptcy proceeding and may soon default on its debt.

The Obama administration tucked $90 billion of stimulus money for energy projects into a huge corner of the $800 billion American Recovery and Reinvestment Act, passed with no Republican votes barely a month into Obama’s presidency.

The money was supposedly allocated to fund “strategic clean energy investments intended to promote job creation and promote deployment of low-carbon technologies,” but much of it was squandered.

The General Accounting Office in April warned that of the 38 sustainable loans and guarantees, “the total expected net cost over the life of the loans” was “to be $2.21 billion, including $807 million for loans that have defaulted.”

But with $2.7 billion in Department of Energy loan guarantees and $225 million since 2010, Abengoa SA just began insolvency proceedings in a Spanish court on November 25 as a technical first step toward a possible bankruptcy, according to the Washington Times.

The biggest of those federal loan guarantees is $1.45 billion to build 4 solar plants in California and Arizona, which was issued to Abengoa Yield to build and operate four solar plants that were supposed to produce 1.13 gigawatts of energy, more than a nuclear power plant.

[mt tom]

This money went to dirty Harry and Barry’s buddy commerce Secretary John Bryson

[Vaduz]

Agree he’s from Chicago.