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  • Another OBAMA Clean Energy FAILURE: US Net Loss On This One Is $2.2 Billion+

    Green energy is AWESOME! So awesome in fact, that it’s HORRIBLE! Here’s a cheery story about how all the “Greenies” have absolutely wasted BILLIONS with a “B” of America’s tax dollars.

    What did we get for it? Nothing. Nada. Zilch. Zero.

    Thanks Obama. Brilliant idea circumventing the natural process of innovation, followed by investment, and then a product goes to market, people are happy with the new product and buy it, then the investors make bank.

    When the Government decides on its own whim on some new product and decrees it must happen…a recipe for disaster.

    This time to the tune of Billions of dollars.

    Here’s the skinny from The Daily Caller:

    The Spanish green energy company Abengoa has filed for Chapter 15 bankruptcy protection in the U.S. after getting billions of dollars from the Obama administration to build solar power and biofuels plants.

    Abengoa, which has gotten $2.7 billion in federal subsidies, filed for U.S. bankruptcy protection after already filing for bankruptcy in Spain. In U.S. bankruptcy court, Abengoa can get more favorable terms, such as “the so-called automatic stay that halts lawsuits and prevents creditors from seizing assets,” according to The Wall Street Journal.

    Abengoa took on nearly $17 billion in debt, according to court filings, after it aggressively expanded in hopes the green energy market would grow much faster than it did. The company has floated a restructuring plan to shed assets until it’s only about $5.5 billion in the hole.

    Why are we sending billions of American dollars to prop up a solar company that is not even an American company? Call me naive, but couldn’t we find a solar company right here in the US of A?

    Did the Spanish Solar company produce anything? Or was this whole thing a shell game outside of the prying oversight of American eyes? Where did all the money go? It’s a safe bet it didn’t all go into R and D. This thing reeks of corruption.

    Abengoa, which Bloomberg has referred to as Spain’s “Teetering Sun King,” got $2.7 billion in DOE loan guarantees since 2010 for two solar energy projects and a massive cellulosic biofuels plant that has yet to announce production levels or sell any product it produces. These projects were financed with subsidized loans from the Treasury Department’s Federal Financing Bank (FFB).

    The FFB was Abengoa’s largest single creditor, with a total exposure of 2.2 billion euros, or $2.34 billion, at the end of September 2015, according to the Spanish news outlet Expansion.

    The pro-labor union group Good Jobs First reported last year Abengoa has “received $605 million in grants and allocated tax credits; $464 million came from Section 1603 and most of the rest from Energy Department research grants.” That’s on top of the $2.7 billion the company got in DOE loans.


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