Another One of Obama’s Solar Companies Goes Belly Up!


President Obama has been out on the campaign trail saying the Republicans want to cut his investments in green companies. Well, of course they do! We can’t afford to keep dumping billions of dollars into failing companies. The Washington Post reports that Solar Trust has gone belly up. See below for how much Obama “invested” in ST.

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’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million. (Read More)

Fox Nation dug up a 2011 article from Venture Beat with details of the $2 billion in federal loan guarantees granted to ST by the Obama administration. It makes Solyndra look like a real bargain.

The U.S. Department of Energy has awarded a $2.1 billion loan guarantee to Solar Trust of America for a solar thermal power plant near Blythe, Calif.

The Oakland, Calif.-based company secured the loan for the first phase of a project that will generate 1,000 megawatts of power. Solar thermal power plants use an array of mirrors that focus sunlight onto a single point on a tower. The heat from the focused sunlight heats up water, creating steam that moves conventional turbines to generate electricity.

The loan guarantee means the government will cover the debt Solar Power Trust of America will accrue to finance the project if it cannot pay it back to other borrowers. (Read More)

Good grief, what next? Talk about madness!

Update: Linked by the Pirate’s Cove – thanks!

Update 2: Be sure to follow the link to the Pirate’s Cove and see the comments below. It looks like Solar Trust turned down the $2 billion.