Posted on 08/03/2020 7:11:25 AM PDT by lowbridge
The Department of Energy reached a settlement Thursday to recover $200 million in taxpayer funds from a loan the Obama administration distributed in 2011 to finance a $1 billion solar power plant that was deemed obsolete before it could officially go online.
The settlement between DOE and Tonopah Solar Energy must now be approved by a bankruptcy court, the Las Vegas Review Journal reported.
The DOE provided a $737 million loan to Tonopah in September 2011 for the purposes of financing the $1.1 billion Crescent Dunes Solar Energy Project in Nevada. The agency disbursed funds for the plant in 2011 and 2013 before the project experienced problems requiring improvements, rendering the Crescent Dunes obsolete by 2015, Bloomberg reported in January.
Thursday’s settlement will allow the DOE to recoup a portion of the $424 million Tonopah owes. The plant experienced an outage in 2016, forcing a shutdown lasting from October 2016 to July 2017, the Wall Street Journal Editorial Board reported in January. Another outage occurred in April 2019 and is ongoing.
(Excerpt) Read more at dailycaller.com ...
who authorized this stupid loan/waste of taxpayer funds. Sounds like we lost half a billion, sheesh.
I believe that the half of $1 billion for Solyndra was a completely different escapade. Obama had almost $1 trillion in stimulus funds the first year. This money was for “shovel ready jobs”. Since Congress never passed a budget during the entire Obama administration that stimulus money just rolled over every year with a little extra percent like the rest of the so-called base line budget. Where did all that money go? Do we see lots of new highways, bridges, airports? I don’t think so.
The fire-damaged USS Bonny Dick cost 1 billion after including the $250 million upgrade.
Trump just paid for a major loss that has major operational impacts to the USN and USMC.
Where are the SOLYNDRA documents?
They day they after they announced their failure the FBI swept in and took all their documents.
WHAT HAPPENED TO THEM?
This was after getting almost a $billion in ‘loans’, buying land, building a factory, installing equipment, hiring employees, stocking inventory, and going bankrupt- all in about a year.
LOL it scared me.
Maybe they should turn the Yucca Mountain Nuclear Waste Repository into a Nuclear Power Plant.
This means the crooks got to keep half a billion with obama skimming off the top.
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