Another one of Obama's "green energy" boondoggles has gone belly up
This was a
$1 BILLION project
What do you want to bet me Harry Reid got some type of kickback in some form?
People make fun of Rick Perry all the time and there is no doubt he deserves it, but even he was better at this stuff than Obama's guy who did not think twice about wasting taxpayer money
The Obama Admin will go down as one of the worst ever. They screwed up everything they touched, from foreign affairs (Iran,Syria,Libya), to healthcare, to trade deals, to weaponizing the govt against its own people, to his weak attempt to close Gitmo, spying on political opponents, to the energy sector.
The Crescent Dunes solar plant looks like something out of a sci-fi movie. Ten thousand mirrors form a spiral almost 2 miles wide that winds around a skyscraper rising above the desert between Las Vegas and Reno. The operation soaks up enough heat from the sun’s rays to spin steam turbines and store energy in the form of molten salt.
In 2011 the $1 billion project was to be the biggest solar plant of its kind, and it looked like the future of renewable power. Citigroup Inc. and other financiers invested $140 million with its developer, SolarReserve Inc. Steven Chu, the U.S. Department of Energy secretary at the time, offered the company government loan guarantees, and Harry Reid, then the Senate majority leader and senior senator from Nevada, cleared the way for the company to build on public land. At a Washington celebration of SolarReserve’s public funding, Chief Executive Officer Kevin Smith told the assembled politicians, “We’re proud to be doing our part to win the future.”
SolarReserve may have done its part, but today the company doesn’t rank among the winners. Instead, it’s mired in litigation and accusations of mismanagement at Crescent Dunes, where taxpayers remain on the hook for $737 million in loan guarantees.....
A $1 Billion Solar Plant Was Obsolete Before It Ever Went OnlineClick to expand...