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World's Largest Solar Plant, With Second Largest Ever Department of Energy Loan Guarantee, Files For Bankruptcy

Tyler Durden's picture




 

Solyndra was just the appetizer. Earlier today, in what will come as a surprise only to members of the administration, the company which proudly held the rights to the world's largest solar power project, the hilariously named Solar Trust of America ("STA"), filed for bankruptcy. And while one could say that the company's epic collapse is more a function of alternative energy politics in Germany, where its 70% parent Solar Millennium AG filed for bankruptcy last December, what is relevant is that last April STA was the proud recipient of a $2.1 billion conditional loan from the Department of Energy, incidentally the second largest loan ever handed out by the DOE's Stephen Chu. That amount was supposed to fund the expansion of the company's 1000 MW Blythe Solar Power Project in Riverside, California. From the funding press release, "This project construction is expected to create over 1,000 direct jobs in Southern California, 7,500 indirect jobs in related industries throughout the United States, and more than 200 long-term operational jobs at the facility itself. It will play a key role in stimulating the American economy,” said Uwe T. Schmidt, Chairman and CEO of Solar Trust of America and Executive Chairman of project development subsidiary Solar Millennium, LLC." Instead, what Solar Trust will do is create lots of billable hours for bankruptcy attorneys (at $1,000/hour), and a good old equity extraction for the $22 million DIP lender, which just happens to be NextEra Energy Resources, LLC, another "alternative energy" company which last year received a $935 million loan courtesy of the very same (and now $2.1 billion poorer) Department of Energy, which is also a subsidiary of public NextEra Energy (NEE), in the process ultimately resulting in yet another transfer of taxpayer cash to NEE's private shareholders.

As Bloomberg notes: "The company joins Energy Conversion Devices Inc., a U.S. solar manufacturer that suspended production last year; LSP Energy LP, the owner of a natural-gas-fired power plant in Mississippi; Ener1 Inc., maker of lithium-ion batteries for plug-in electric cars; solar-panel maker Solyndra LLC; and energy storage company Beacon Power Corp. (BCONQ) in bankruptcy."

And so central planning fails again, and again, and again, and again. But it sure will be better with the centrally planned monetary (and in the absence of a working Congress - also fiscal) policy. Because this time it really will be different.

From Reuters:

Solar Trust of America and several affiliates filed for protection from creditors with the U.S. bankruptcy court in Delaware. It estimated to have as much as $10 million of assets, and between $50 million and $100 million of liabilities.

 

Blythe is about 220 miles (354 km) southeast of Los Angeles.

 

"We have been working with Solar Trust of America for a couple of years in getting this project going," David Lane, Blythe's city manager, said in an interview. "Although the project is not in the city limits, we are the only city within 100 miles. My sense is that with the large investment in what was to have been the world's largest solar power plant, someone somewhere will buy it and build it."

At least someone's reputation will be tarnished as a result of this latest epic failure of the Obama administration to misallocate capital :

Solar Millennium said it has been sued by former Chief Executive Utz Claassen over public statements by company representatives that he claims have damaged his reputation and left him unable to find a job. Solar Millennium said the lawsuit would not directly affect its insolvency proceedings.

Two people, however, who won't be humiliated at all are California Governor Jerry Brown, and Secretary of the Interior Ken Salazar, who reprise the role of Joe Biden, last seen praising not only MF Global's Jon Corzine, but that other epic administration failure: Solyndra. Watch them praise the groundbreaking for the Blythe facility.

Epic embarrassment. And not even a full year ago.

But before that, of course, we had the funding of the plant with a $2.1 billion loan guarantee from the US Department of Energy, the second largest ever, smaller only than Georgia Power's $8.33 billion loan guarantee.

From the DOE:

U.S. Energy Secretary Steven Chu today announced the offer of a conditional commitment for a $2.1 billion loan guarantee to support Units 1 and 2 of the Blythe Solar Power Project, sponsored by Solar Trust of America, LLC. The concentrating solar thermal power plant includes two units comprising a combined 484 megawatt (MW) generating capacity, an eight-mile transmission line and associated infrastructure. The project will be built adjacent to the City of Blythe in Riverside County, California and is expected to create over 1,000 construction jobs and approximately 80 operations jobs. The plant is estimated to avoid over 710,000 tons of carbon dioxide emissions annually, equivalent to the annual greenhouse gas emissions from over 123,000 vehicles.

 

“Loan guarantees play an important role in facilitating the development and deployment of innovative technologies at massive scope and scale,” said Secretary Chu. “Continued investments like this project make solar power more efficient and cost competitive while creating thousands of jobs and strengthening the economy.”

 

“California is the national leader in clean energy, and our great state is poised to become the world leader in renewable energy generation,” said Governor Jerry Brown. “I commend President Obama and Secretary Chu for making another major investment in California.”

 

“This clean energy project will create more than 1,000 jobs and strengthen the economy of Riverside County. Investments like this one are critical to reducing America’s dangerous dependence on foreign oil, protecting our children from pollution and creating clean energy jobs here in California,” said Senator Barbara Boxer.

And while we do not know just how much the government will have to pay out of pocket, we do know that STA had at least $50 million in debt at filing.

What we do know for sure is that at least the firm's financial advisors made money on the deal. From the company's Investors page:

World-Class Financial Advisors

In October 2009 Solar Trust engaged Citigroup Global Markets Inc. and  Deutsche Bank Securities, Inc. as advisors to assist in securing more than $6 billion in financing for construction of the company’s solar  power plants in California and Nevada. Citigroup and Deutsche  Bank are also providing advisory services for Solar Trust’s efforts to  develop models for debt and equity project financing for  its solar power plant projects.

Great job there Citi and Deutsche: can you please advise us how much in taxpayer cash you received as part of your incalculable "advice" please?

Also, as noted earlier on, as part of its first day filings, the company was prompt announce the procurement of DIP funding (link), which will come in the form of a $22.3 million secured loan (against what assets?) at Libor + 800bps, courtesy of NextEra Energy Resource, LLC. The same NextEra featured in the following press release:

NextEra Energy Resources' subsidiary closes on $935 million financing and secures a DOE loan guarantee for its Genesis solar project

 

JUNO BEACH, Fla. – NextEra Energy Resources, LLC, announced that its subsidiary, Genesis Solar, LLC, has closed on construction and term financing consisting of $702 million in project bonds, a $150 million project term loan facility and an $83 million project letter of credit facility. The U.S. Department of Energy has provided a loan guarantee of 80 percent of the principal and interest on the project bonds and project term loan under its Financial Institution Partnership Program. Proceeds from the financing will be used primarily for the construction of the Genesis project, a 250-megawatt utility-scale concentrating solar thermal generating facility featuring proven parabolic trough solar thermal technology, located in Riverside County, Calif.

 

“This financing marks a significant milestone in the development of the Genesis project,” said Armando Pimentel, executive vice president and chief financial officer of NextEra Energy, Inc., the parent of NextEra Energy Resources. “We are very pleased with both the strong investor reception for this financing, which we view as a validation of our solar development efforts, and the receipt of a loan guarantee from the Department of Energy Loan Programs Office.”

That's right: one ward of the state, bailing out another ward of the state, all to reduce those evil carobn emissions. Although that is not all. NextEra is also a subsidiary of the publicly traded, albeit with very private investors, NextEra Energy (NEE). Which means that every dollar extracted out of Solar Trust via the DIP, and ultimately via a Credit Bid in which NextEra will acquire the STA assets at pennies on the dollar, will go straight to NEE's shareholders. Who are these shareholders you ask? Here they are: spot the odd one(s) out. 

And that is how in crony America taxpayer money goes from one insolvent pocket, to another, to Wall Street, all under the guise of idealistic pursuits and clean energy.

There is more to this story but we will stop here as we have had enough.

For those interest here is the first day affidavit, as well as the DIP term sheet. And the last time we saw an Org Chart this fun, the company's name started with En and ended in ron.

 

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Mon, 04/02/2012 - 21:54 | 2311598 SgtSchultz
SgtSchultz's picture

Not grow wheat for your own consumption!

Mon, 04/02/2012 - 22:20 | 2311676 nmewn
nmewn's picture

Amazing isn't it?

The case revolved around the fact that the wheat never entered into national commerce at all. It's akin to Congress mandating and ordering regulation of the two tomato plants on my back patio. Should I destroy excess tomatoes or give them to my friends or the needy?

In Filburn Logic, I should buy vegetables with sterile seed from Monsanto or else I impact "commerce" somehow...lol.

Tue, 04/03/2012 - 00:07 | 2311968 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Monsanto-terminator-seed is one sickest fucking concepts I have ever heard of in my life. 

I think every person I have ever shared this with shared my disgust.  A lot of folks are not aware of it.

Tue, 04/03/2012 - 00:39 | 2312024 Angus McHugepenis
Angus McHugepenis's picture

Good fucking Christ. Nobody gives a flying shit about regulations of past or present. Those rules are for SLAVES! If you starve, you WILL find a way to eat regardless of limp-dick gov. officials.

You toss in "Filburn Logic" as if you think sheeple will simply suck up your use of big words and pretend to understand that bullshit. How the fuck you keep getting green arrows is a divine wind (fart) to your ever present line of manipulative HORSESHIT!

You couldn't grow a fucking tomato if you tried. You live on your computer screen and barely have time to jack off.

Tue, 04/03/2012 - 06:15 | 2312281 nmewn
nmewn's picture

You're out of Prozac aren't you? The issue at hand is not about starvation or slavery junior.

If you believe five to seven letter words are "big words" then obviously I'm on the verge of debating trivial things with a fool, which would make me one as well.

So I'll pass.

Actually, I have a garden most every year, it's in my genes (not jeans). I also have fruit and nut trees. By way of metaphor, I apparently also attract fruits & nuts, as exhibited by your post ;-)

 

Mon, 04/02/2012 - 22:14 | 2311652 Melin
Melin's picture

I tried to bet my boss who sounds as sanguine as you about the outcome. 

He wouldn't take the bet.

Mon, 04/02/2012 - 22:25 | 2311689 nmewn
nmewn's picture

Well, most would like to abide by the law. But when the law is wrong it goes unheeded and falls into disrepair.

That's where we're at...IMHO.

Mon, 04/02/2012 - 23:36 | 2311882 Angus McHugepenis
Angus McHugepenis's picture

It's much easier than that. I DO NOT CONSENT. A so-called "judge" is the last thing that I would allow to represent me. You keep that world if you choose. I want nothing to do with your corrupt asshole in high places. No man will ever pass judgment on me for bullshit they make up as they ride to enslave.

Tue, 04/03/2012 - 03:33 | 2312198 noses
noses's picture

SCOTUS – doesn't that rhyme with "screwed us"?

Mon, 04/02/2012 - 22:22 | 2311682 Freddie
Freddie's picture

All of TV supports him including Fox pushing Romney who is a moderate loser.  Keep watching TV because your viewership keeps Obama in power.

Tue, 04/03/2012 - 09:20 | 2312555 prole
prole's picture

How does Freedie know that "All of TV supports him including Fox pushing Romney who is a moderate loser" ??

How does he know this if he does not watch TV herself???

All the while condemning others as dupes and pawns for watching TV??

How the fvck do you know what TV pushes?

Mon, 04/02/2012 - 20:42 | 2311397 FrankDrakman
FrankDrakman's picture

For Gromit:

Green energy goes

Only as far as wind blows.

The last mile, you walk.

Mon, 04/02/2012 - 20:42 | 2311399 Hedgetard55
Hedgetard55's picture

Looks like the real "No Limit Nigga" is in the White House.

Mon, 04/02/2012 - 20:43 | 2311401 Van Halen
Van Halen's picture

Anyone who disagrees with the goodness this administration is trying to implement in their lives will find themselves on the receiving end of one or more of the four hundred million rounds of ammunition recently ordered for DHS.

Mon, 04/02/2012 - 20:44 | 2311402 Doomer
Doomer's picture

Future's so bright, I gotta wear shades!

 

USA! USA! USA!

Mon, 04/02/2012 - 20:46 | 2311405 alfred b.
alfred b.'s picture

 

   ....and of course no jailtime for any of these crooks.  Nothing to see here Holder, may as well go back to sleep!

 

 

Mon, 04/02/2012 - 23:10 | 2311816 Angus McHugepenis
Angus McHugepenis's picture

Jon Corzine... is that you?

Mon, 04/02/2012 - 20:47 | 2311407 slewie the pi-rat
slewie the pi-rat's picture

secretaryChu, gubernatorBrown and senatorBabs all sound like fuking trolls, don't they?

Mon, 04/02/2012 - 21:02 | 2311441 Van Halen
Van Halen's picture

Before Obama won the election, all the science blogs were falling over each other to heap praise on Chu who would 'bring us out of the dark ages of religion and into science and rational thought'. And how Chu was so brilliant. And of course, Obama even more brilliant for picking such a great science genius like Chu to run things. Now look at us, broke, unemployed, and on more battlefields than we've ever been on. Science be damned. This administration is about money, power, war, and corruption.

Mon, 04/02/2012 - 21:32 | 2311539 GeezerGeek
GeezerGeek's picture

Science is as easily corrupted as any other field. Progressives, including Chu and Obama, bought into some bad science. They - and their predecessors - also bought bad science in the form of Climategate with all its attendant absurdities. The money was paid, the desired results were obtained, and the EPA was set loose yet again to regulate us into submission. Not that government is the only miscreant. Remember the scientific studies claiming smoking was actually good for us and that the links to lung cancer were unproven? My father, born in 1913, clained to have called cigarettes 'coffin nails' when he was young. The list of interactions between bad science and big money - especially government money - is huge.

Mon, 04/02/2012 - 21:56 | 2311604 FrankDrakman
FrankDrakman's picture

And how Chu was so brilliant.

Obama even more brilliant

So that's the problem! Their combined brilliance has outshone the sun, leading to the killer global warming. All we need to do now is extinguish their brilliance, and the earth will begin to cool, and the oceans will cease to rise.

Where's Zimmerman?

Mon, 04/02/2012 - 22:14 | 2311653 Moon Pie
Moon Pie's picture

Dirty.  Broke. Sticky.  Hell of a way to go through life.

We're fuckt.

Mon, 04/02/2012 - 23:05 | 2311807 Angus McHugepenis
Angus McHugepenis's picture

But it's all about saving the planet!... They have to keep trying solar, taxpayer funded crap even if it means killing off several millions of you and your extended family... while robbing you of everything you THOUGHT you owned. Keep listening to Barecrack and Chewie. They are your salvation. (/sarc)

Mon, 04/02/2012 - 23:23 | 2311857 BidnessMan
BidnessMan's picture

He is a good scientist. But what has that got to do with handing out trillions of dollars? He is a newbie patsy for the K street lobbying crowd. Another of the many political appointees who have never run any kind of business venture. Besides, that is what academics do now. Apply for grants of free money so they can get paid handsomely to go play with obscure topics. Grant fundraising is a buzzword beauty pageant with folks who know you might be on the next grant evaluation committee looking at their grant application for their free money....

This is just academic research grants with a couple more zeros before the decimal point. How hard could it be? The Feds just print up the money anyway. Why shouldn't we get "our fair share" of free grant money? What is your problem?

Tue, 04/03/2012 - 03:57 | 2312210 Non Passaran
Non Passaran's picture

+1
excellent comment (Van Halen says the same thing, it seems to me, but yours is more eloquent)

Mon, 04/02/2012 - 20:49 | 2311408 Lumberjack
Lumberjack's picture

In related news...

 

Wind farm loan wasn't a mistake, King says
The U.S. Senate candidate rebuts GOP claims that a federal loan for Record Hill in Roxbury was too risky an investment.

http://www.pressherald.com/news/wind-farm-loan-wasnt-a-mistake-king-says_2012-04-01.html

But, but, but..."The only thing they emit is money". Angus King.

Mon, 04/02/2012 - 20:52 | 2311414 bankonzhongguo
bankonzhongguo's picture

It would be cheaper to just start handing money out via Uncle Ben's Helicopter.

Just skip the whole "jobs thing" to reduce overhead costs.

But how bad are things really?

Well if the republican party can't make hay out of this and they put Romney up against Obama, then it is without a doubt the fix is in for another 4 years of Obama raping and pillaging of Amerika.

Find some land.

Grow some food.

Gold and Silver.

Guns.

Pretend you don't own anything.

 

 

 

 

Tue, 04/03/2012 - 03:03 | 2312170 Boxed Merlot
Boxed Merlot's picture

Pretend you don't own anything...

 

Why pretend when the truth is so much more convincing and, well, the truth?

Mon, 04/02/2012 - 20:54 | 2311417 Atomizer
Atomizer's picture

Employees of Green Energy Think Tank committees are now contemplating Foxconn missives.

 

Under such progressive distress, we must immediately open a Blythe Solar bulling/suicide prevention hotline. Years of hard work in stealing taxpayer monies can cause ongoing emotional abuse, and elevated increase in a central planners risk for suicide.

 

/sarc

Mon, 04/02/2012 - 20:57 | 2311423 jonjon831983
jonjon831983's picture

What the hell, where does all this money go?  From citizens, to government, to wall street fees/commissions/bonuses?

 

Terrible.

Mon, 04/02/2012 - 23:09 | 2311817 BidnessMan
BidnessMan's picture

Nextera Energy is Florida Power & Light. Running an electric utility must have gotten boring - this is a way to run with the Wall Street crowd using Widow and Orphan money.....

Mon, 04/02/2012 - 20:59 | 2311428 Van Halen
Van Halen's picture

Ann Barnhardt said it - there are about oh, one thousand of them and THREE HUNDRED MILLION of us. What are we putting up with this crap for?

Mon, 04/02/2012 - 21:34 | 2311547 jonjon831983
jonjon831983's picture

Sorry, I really gotta say it... if you ever read Ann Barnhardt's website I get the feel of a Christian Fundamentalist riding on a populist message of f - wallstreet and the corrupt croynism.

The enemy of my enemy is my friend... but watch out for that friend may turn around and bring you to hell.

Mon, 04/02/2012 - 20:59 | 2311429 FreeNewEnergy
FreeNewEnergy's picture

Why am I not shocked?

Mon, 04/02/2012 - 21:01 | 2311433 radwon
radwon's picture

City of Blythe. You gotta be kiddin me. She's everywhere.

Mon, 04/02/2012 - 21:03 | 2311437 the not so migh...
the not so mighty maximiza's picture

Money laundering operation.

Mon, 04/02/2012 - 22:38 | 2311737 HeavydutyMexica...
HeavydutyMexicanOfTheNorthernKingdom's picture

+1 When will people realize that the entire world runs on drug money? Everything else is indirection...

Mon, 04/02/2012 - 21:04 | 2311446 Judge Arrow
Judge Arrow's picture

The edifice of words to create the illusion of commerce to build up an air of legitimacy to what is simply a cashier grab - and these fucks want a second term - of course they do. Bailiff, pack them in the ass with wads of play dough - that's right, all of them! Now, drinks on the court....

Mon, 04/02/2012 - 21:07 | 2311454 Tsar Pointless
Tsar Pointless's picture

Seriously - $2 billion?

Chump change.

What in the hell happened to the missing $2.3 trillion Mr. Rummy told us about on September 10, 2001?

http://www.youtube.com/watch?v=3kpWqdPMjmo

Oh, right - 9/11. That's what happened to it.

Mon, 04/02/2012 - 21:09 | 2311462 Van Halen
Van Halen's picture

Rummy is long gone. And Rummy was a piker compared to this bunch.

Mon, 04/02/2012 - 21:19 | 2311472 Bear
Bear's picture

That's six bucks of my money ... and then again if only 1/2 the folks pay taxes, that's 12 bucks, my 12, my mother-in-law 12 ... that's $36. It may be chump change but it would pay 1/2 my electric bill for the month.

Ok, ok ... another $8,000x3 = $24,000 of missing gooberment money, I'd may it tomorrow if we could run the country per the Constitution.

Mon, 04/02/2012 - 21:11 | 2311466 Bear
Bear's picture

America today ... Pink Slime, In-The-Red Solar, and Social Justice for all

Mon, 04/02/2012 - 21:11 | 2311468 booboo
booboo's picture

There was a cartoon when I was a "yute", a wee lad, in it was a cat that was "blind" and by day sold pencils or maybe apples (been a while) on the street corner. He caned his way home each day wearing his blind cat shades. It was a ruse, for when he arrived home and entered his humble abode with tattered worn funiture, patched up drapes and tilted pictures on the wall and gave one last look outside to make sure he was not followed, closed the door, hit a button on the wall and all of the furnishings switched around to new. He tossed the sun glasses, put on his smoking jacket, poured a sniffer of brandy and spun up some Al Jolson on the phonogragh.

Later that day the tax assesor (yes, they used to come to your door and want to inventory any personal property to tax each year) showed up at the door and of course he had to switch everything back to the poor downtrodden blind cat all to avoid the higher assesment.

Just passing on some thoughts from days gone by for our current "yutes"

 the past is prologue

Mon, 04/02/2012 - 21:15 | 2311478 SumDumGuy
SumDumGuy's picture

Literally just got back from my yearly ass rape at the accountant and this is the first thing that I see... really?  speechless.

Mon, 04/02/2012 - 22:12 | 2311648 Angus McHugepenis
Angus McHugepenis's picture

Is this your first ass-raping in prison? Welcome to planet Earth.

Mon, 04/02/2012 - 21:16 | 2311482 NOPOMO
NOPOMO's picture

Got love the Government intervention in the markets.  Maybe Ben can gamble some more and if you loses just print some more.  Ben...FED...US Government is out of control.  Ben you are not helping us.....You are killing us.

Mon, 04/02/2012 - 21:18 | 2311491 Hubbs
Hubbs's picture

The Fed 1913

Income Tax1913

Off the gold Standard 1971

S&L  Crisis

Viet War

Afghan and Iraq Wars

Repeal of Glass Stegall

Real Estate Bubble /Mortage Fraud/ Bail outs

Obamacare, Medicare/Medicaid, EMR mandates,

Solar Junk Ventures

.

..

...

The govt fuck ups are faster and furiouser.

This country needs to be culled!  Politicans, Bankers are a good start.. for the apex parasites.

 

 

 

 

 

 

 

Mon, 04/02/2012 - 21:21 | 2311502 Bear
Bear's picture

Come on now, you didn't mention Dancing with the Stars or American Idol.

Mon, 04/02/2012 - 21:18 | 2311493 Cursive
Cursive's picture

This is why we need a good, hard depression. Sorry, but the elites have made any other escape impossible. Everyone suffers for the actions of a few.

Mon, 04/02/2012 - 21:25 | 2311511 Sathington Willougby
Sathington Willougby's picture

Who said this isn't a depression?  How many years have we beat this "dead horse"?  I'll change my avatar when we stop I guess.  

http://qkme.me/3olnrr

Mon, 04/02/2012 - 22:26 | 2311690 Freddie
Freddie's picture

A good hard depression is gonna fix everything.  Yeah right.  They will still be in power. 

Great that I am getting Obama pop up campaign banner ads here on ZH.  Thanks Tylers.

Mon, 04/02/2012 - 21:19 | 2311496 boeing747
boeing747's picture

SOLYNDRA building where Obama had a speech about creating jobs,  is  ON SALE now, check solyndrabuilding.com.

 

Mon, 04/02/2012 - 21:21 | 2311500 malek
malek's picture

Yippee-ki-yay!

Mon, 04/02/2012 - 21:22 | 2311508 GeezerGeek
GeezerGeek's picture

I think that the money should be taken out of Stephen Chu's salary, retroactively if needed. And if that doesn't cover the loss, take the rest from Michelle's travel and clothing allowances.

Mon, 04/02/2012 - 21:22 | 2311509 Van Halen
Van Halen's picture

I can't say it enough. There are millions of us and around only a thousand of them running things. If this country goes to hell we only have ourselves to blame. Me included. We have to do something - NOW.

Mon, 04/02/2012 - 21:24 | 2311516 eddiebe
eddiebe's picture

We will not have any renewable energy solutions til big oil says we get to.

Mon, 04/02/2012 - 21:33 | 2311541 Sathington Willougby
Sathington Willougby's picture

 

Yeah big oil's fault, like Obama's wife's butt.  Central Planners cradle to grave should be able to do something about that fat ass before bankruptcy. 

Mon, 04/02/2012 - 21:32 | 2311540 Van Halen
Van Halen's picture

The Obamas really hate us all, don't they? Here's an interesting article on why Michelle Obama comes home when Barack goes to the Middle East.

http://conservativepoliticalforum.com/political-discussion-and-debate/wh...

Mon, 04/02/2012 - 21:36 | 2311544 Arnold Ziffel
Arnold Ziffel's picture

Taxpayers gonna eat another several Billion on this one....

Fraud is the new business model it seems.

And just to clarify, these are HOGS at the trough....not pigs!

Mon, 04/02/2012 - 21:40 | 2311563 booboo
booboo's picture

The sun is not renewable, it's burning out, slowly, each year we use more and more of the suns valuable resource "sun light" One day we are going to run out of this energy from the sun that we squander, lazily laying around in all day, some people are using more then their fair share of the suns NON renewable energy and we will regret wasting all of that energy. You will see, YOU WILL SEE!!! Laugh all you want but one day, the sun will just go poof, and you will say, it's fucking cold.

 The End

 

Mon, 04/02/2012 - 21:44 | 2311575 TrulyBelieving
TrulyBelieving's picture

Astounding what these political hacks get away with. The entire system is corrupt to the very core with no chance of justice coming from within. Only the people have the power to administer true justice, but will they? How many understand the corrupt nature of our govt and of the ones that do, how many are inclined to effectively correct it?

Mon, 04/02/2012 - 21:45 | 2311579 surf0766
surf0766's picture

I do not believe there is ever a real intention of finding an energy solution. I believe their intention is to use any and every resource available to bankrupt crony capitalism.

This is just another avenue.

Mon, 04/02/2012 - 21:45 | 2311580 rsnoble
rsnoble's picture

Meanwhile the DOW decides it's tired of waiting on good news to pop and try and break the recent agonizing range as it's decided that 13k just isn't sufficient for drawing in enough muppets.

Don't worry, we can vote out or get Obama impeached by November and have guaranteed war by Jan 2 with Iran. Or even China if that other dipshit wins as he's said we need war with China on live tv.

Boy, everytime I have a good day just scanning the headlines on ZH for ten fucking seconds snaps me back to this fucking circus.  Imagine a fairy tale where almost every country on a planet was ran by sociopaths and a large number of them have powers that can blow up the Earth 10,000x +.

I was never a real big 2012 EOW guy but im gona be blown away if we make it another year.

Mon, 04/02/2012 - 22:11 | 2311642 blunderdog
blunderdog's picture

   Boy, everytime I have a good day just scanning the headlines on ZH for ten fucking seconds snaps me back to this fucking circus.

Fuckin' a man.  It's pretty much a world of shit, but you're alive.  I'm bettin' ya will be in a couple years, too. 

The paradigm shift is becoming inescapable.

Mon, 04/02/2012 - 21:47 | 2311583 nah
nah's picture

i thot solar was high tech still

Mon, 04/02/2012 - 22:12 | 2311644 blunderdog
blunderdog's picture

it's space-age!

Mon, 04/02/2012 - 23:12 | 2311830 brettd
brettd's picture

It works beautifully...

in the absence of gravity.

Mon, 04/02/2012 - 21:56 | 2311603 bushwarcrime
bushwarcrime's picture

umm....guys....guys.....put away the AK's....they never got the money

they never got the money.......dinero no tenir.....das Geld ist nicht.....guys...???

Mon, 04/02/2012 - 22:02 | 2311617 Angus McHugepenis
Angus McHugepenis's picture

Another mega solar do-nothing bites the dust. What a shocker! I guess they figure the sun won't rise again tomorrow? Or dare I say... Mr. Ponzi has run the course on this one?

Mon, 04/02/2012 - 22:16 | 2311663 overmedicatedun...
overmedicatedundersexed's picture

DOJ to arrest Obuma for threatening the Supreme Court..well one could dream.

Mon, 04/02/2012 - 22:28 | 2311702 XitSam
XitSam's picture

I read the title "World's Largest Solar Plant, With Second Largest Ever Department of Energy Loan Guarantee, Files For Bankruptcy", and I think "Aren't all plants solar?" Well maybe deep in the ocean plants live off of minerals or something, I dunno not being a biologist. And then it hit me. A plant filed for bankruptcy!  And here I thought we were still arguing whether corporations and animals had rights.

Mon, 04/02/2012 - 22:34 | 2311722 americanspirit
americanspirit's picture

Renewable energy models that rely on subsidies to make their business model work are not businesses, they are parasitical scams. Not all renewable energy models are flawed in this way, but the high dollar models that these thieves love are completely tax scams. If we allow renewable energy to be tarred with these fraudulent schemes, which is precisely what the conventional energy industry intends, then we deserve to be slaves to the oil & gas companies forever. There are legitimate renewable energy models out there - they are just not the ones being played ( scammed) by assholes like these guys and that includes the eminent Dr. Chu.

Mon, 04/02/2012 - 22:35 | 2311725 TideFighter
TideFighter's picture

This horseshit looks like O'blameya, it could be his sun. 

Mon, 04/02/2012 - 22:48 | 2311756 BlackholeDivestment
BlackholeDivestment's picture

http://www.youtube.com/watch?v=72kYekmXH9M&feature=related     

 ...and to think, the political slush in this company cup is upon us in April. What will the rest of the seasons bring? LMAO.           

 

 

 

 

Mon, 04/02/2012 - 23:08 | 2311811 brettd
brettd's picture

A global warming question:

If global warming is man-made, how did the ice age end?

Mon, 04/02/2012 - 23:35 | 2311887 Stuck on Zero
Stuck on Zero's picture

Two cave men in Finland smoked a Herring over a pinewood fire. 

Tue, 04/03/2012 - 10:12 | 2312763 Ace Ventura
Ace Ventura's picture

Duh. It wasn't man-made back in those days, so the solar cycle probably did it. The sun isn't a factor anymore though. Now it's all because of your Ford F-150. I say yours because if it belongs to Al Gore, Newt Grinchgeek, or anyone in the Con-gress, then it doesn't count.

Mon, 04/02/2012 - 23:18 | 2311844 williambanzai7
williambanzai7's picture

What game is on tonight chicken mama?

Mon, 04/02/2012 - 23:29 | 2311870 bahaar
bahaar's picture

Has Trina Solar bought their technology?  Central Planning never fails in China.

Mon, 04/02/2012 - 23:34 | 2311885 Stuck on Zero
Stuck on Zero's picture

Anyone want to invest in my new energy company?  It converts pink slime to energy.  Think I can get a DoE loan guarantee?

Tue, 04/03/2012 - 02:48 | 2312163 Boxed Merlot
Boxed Merlot's picture

Think I can get a DoE loan guarantee?...

 

Are you registered to vote in Chicago?

Mon, 04/02/2012 - 23:51 | 2311906 Reptil
Reptil's picture

hmmm... I smell an unsanitairy rodent

seems there's been some wrongdoing in the Solar Millennium case (sorry in German, and I didn't check it 100% (yet)

http://www.dr-stoll-kollegen.de/aktuelle-faelle/solar-millennium-ag

also found this; this was pushed through AFTER trouble arose in the Mothercompany.

Communications2011-11-16

U.S. project pipeline: solarhybrid intends to involve First Solar as a partner

Erlangen, 16 November 2011 Solarhybrid AG intends to involve the world’s largest module manufacturer First Solar as a partner in the planned takeover of Solar Millennium AG’s U.S. project pipeline. On Wednesday, at a press conference in Berlin, Tom Schröder, the CEO of solarhybrid said that the company was planning to enter into a joint venture with First Solar to equip the Californian project locations of Blythe (1000 megawatts) and Palen (500 megawatts) with the photovoltaic technology of First Solar, if the transaction with Solar Millennium is realized. Schröder added that he expects to finalize negotiations with Solar Millennium around the end of November.

Since late summer, Solar Millennium and solarhybrid have been negotiating the sale of Solar Millennium’s project pipeline in the southwest of the U.S. with a total capacity of 2250 megawatts. In the course of such a transaction, Solar Millennium would still participate in the financial results from the realization of the planned solar power plants.

About Solar Millennium AG:

Solar Millennium AG (ISIN DE0007218406), Erlangen, is a company that operates globally in the renewable energy sector, with its main focus on solar power plants. Together with its subsidiaries and associates, the Company specializes in solar-thermal power plants, particularly parabolic trough plants, and has taken a global leadership position in this field.

Solar Millennium is striving to further extend its expertise in this area with the aim of achieving and securing sustainable technology leadership. The Company covers all important business sectors along the value chain for solar power plants: from project development and financing to technology and the turnkey construction and operation of power plants. Solar Millennium realized Europe’s first parabolic trough power plants in Spain as well as the first modern parabolic trough solar field in Egypt. Additional projects are planned around the world: The current regional focus is on Spain, the Middle East and North Africa.

About solarhybrid AG:

solarhybrid AG is project developer and general contractor for turn-key photovoltaic power projects at utility scale. The company offers the following services:
- Project development and co-development
- Financing and structuring
- Sale to investors
- Engineering, procurement, and construction services (EPC contracting)
- Operation and Maintenance

solarhybrid capital management 100% subsidiary of solarhybrid AG arranges project finance, investment structures and sales. A track record of more than 267 MWp of projects under construction or in operation confirm solarhybrid‘s technical, organizational, and financial expertise. Projects in excess of 123 MWp capacity will be contracted shortly. Solarhybrid’s project pipeline comprises a total capacity of 2.5 GWp. The offices of solarhybrid in Germany are in Brilon, Hamburg, Frankfurt, international offices are in Italy, Middle East, and US. The shares of solarhybrid are traded in the open market at Frankfurt stock exchange. Further information on solarhybrid AG can be obtained on the internet at www.solarhybrid.ag

About First Solar Inc.:

First Solar is a world leader in the manufacture of photovoltaic (PV) solar modules, and a premier provider of comprehensive PV solar systems. By enabling clean, renewable electricity at competitive prices, First Solar provides an economically and environmentally viable alternative to peaking fossil-fuel electricity generation.

First Solar has set the benchmark for environmentally responsible product life cycle management by introducing the industry’s first prefunded, comprehensive collection and recycling program for solar modules. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that protect and enhance the environment.

Tue, 04/03/2012 - 00:19 | 2311989 Maos Dog
Maos Dog's picture

There are going to be a lot of scams comming out of Florida over this soon.

Yes, we are the "sunshine state" but for 6 months of the year, there is an afternoon thunderstorm daily and a lot of clouds the rest of the year.

FPL recently built a "successful" solar plant. Here is the ROI:

"FPL expects the $476 million solar plant to reduce the combined cycle power plant's natural gas consumption by 1.3 billion cubic feet (37 billion m³) per year. Over the 30-year life of the project, this is expected to save $178 million in fuel cost and reduce carbon emissions by 2.75 million tons"

So, let me see. 476 to build, plus operations cost, and it returns 178? What fucking morons approve this?

Tue, 04/03/2012 - 00:30 | 2312003 booboo
booboo's picture

it's the thought that counts and in this case it was "less"

Tue, 04/03/2012 - 00:52 | 2312041 imapopulistnow
imapopulistnow's picture

Liberals?  Just a wild ass guess....

Tue, 04/03/2012 - 00:24 | 2312001 q99x2
q99x2's picture

Those dirty crooks.

Tue, 04/03/2012 - 00:49 | 2312037 Joseph Jones
Joseph Jones's picture

What is an appropriate discipline for the next politician who utters the words "greenhouse gasses?"

Tue, 04/03/2012 - 01:07 | 2312064 Ms. Erable
Ms. Erable's picture

Help him/her become part of the ecosystem in the form of fertilizer as soon as possible.

Tue, 04/03/2012 - 10:05 | 2312734 Ace Ventura
Ace Ventura's picture

Receipt of a vigorous, Grade-A, G.I. Blanket Party.

Tue, 04/03/2012 - 00:55 | 2312046 bushwarcrime
bushwarcrime's picture

Dear Sirs,

Please cancel my subscription to redneckcirclejerk.com

Sincerely yours,

Shrub

Tue, 04/03/2012 - 02:29 | 2312148 BlackholeDivestment
BlackholeDivestment's picture

...hmm, so you cancelled one joke 

http://www.youtube.com/watch?v=x3e9paM_hYo 

                                                 for 

                                              another 

http://www.youtube.com/watch?v=2FIptCAkrcc 

What in the wide world of sport were you doing subscribing to any ''Party'' of circle jerks? Lol, ...uh, forget I asked, I don't want to know. LMAO

Oh my, looks like Rosemary's Baby Flies are circling POTUS PAST POO 

http://www.szaboservices.com/show/occidental-college-transcripts-reveals-obama-claimed-foreign-citizenship-to-get-scholarship ...awe, BUSTED! LMAO http://www.wnd.com/2012/04/arpaio-takes-obamas-forgery-to-public/

http://www.youtube.com/watch?v=u1QX-Vruyjc

Tue, 04/03/2012 - 03:19 | 2312187 Expositor
Expositor's picture

At least the money was wasted on something other than blowing up and killing people on some other continent.

Tue, 04/03/2012 - 03:58 | 2312213 mholzman
mholzman's picture

Great article Tyler. Germany now wants to take the lead on showing the world how we can have all the energy we need from solar, wind and hydrogen (totally wasteful) and currently all supported through tax while going out the backdoor into dumpsters.

We won't have to worry about the Euro. Everyone in Europe will be speaking Russian and using fossil fuels.

Tue, 04/03/2012 - 04:05 | 2312219 Sandmann
Sandmann's picture

http://www.ftd.de/unternehmen/industrie/:agenda-solaruntergang/70015595....

Now QCells bites the dust in Germany with 850 million Euro loss - still most of the production was in Malaysia so the unemployment is hardly a German problem.  Solar was another of those Subsidised Dreams like Lysenko growing wheat in Siberia that only Big Government imposing levies on electricity bills can afford. Now that Germany has destroyed nuclear so Siemens sells out and RWE and E.On report losses and pul out of building nujes in Britain - the German Grid faced its Amber Alert last week as Demand and Supply had a precarious meeting and showed the limits of capacity in Europe.

It is truly an insight into diseased political minds and accountancy loopiness to see how the Engineering Feat of ensuring 100% availability of affordable electricity has been destroyed by a generation of politician puppets in thrall to lobby groups funded by energy traders like Enron playing pricing games instead of guaranteeing supply

 

Tue, 04/03/2012 - 05:26 | 2312262 mholzman
mholzman's picture

Thanks, Sandmann. Didn't know the story there. One of my sources:

http://www.technologyreview.com/energy/40001/?mod=chfeatured

In addition to puppets, I "suspect" Putin is just waiting perhaps even assisting in gaining control of crippled countries.

Tue, 04/03/2012 - 04:02 | 2312216 zilverreiger
zilverreiger's picture

They should be bailed out. This is good tech you strategically need.

Tue, 04/03/2012 - 04:30 | 2312236 nathan1234
nathan1234's picture

One Blythe down.

Wonder when the witch Blythe will go down !!

Tue, 04/03/2012 - 04:46 | 2312246 non_anon
non_anon's picture

reminds me of the mafioso that sets up sham companies to bilk them and then gut them and move on to the next scam, the US gov is the biggest mafioso

Tue, 04/03/2012 - 07:41 | 2312287 Lumberjack
Lumberjack's picture

You are not too far off with that comment... In fact, you might just win a prize.

 

http://bjdurk.newsvine.com/_news/2010/02/23/3941508-who-are-these-guys-c...

 

 

Tue, 04/03/2012 - 05:08 | 2312257 I am Jobe
I am Jobe's picture

Fuck, here I was trying to start my own Solar Firm . Great after this crap I will not get any funding for this crap.

 

Tue, 04/03/2012 - 07:57 | 2312362 simonsito
simonsito's picture

This chart shows as the other parent an entity called Ferrostaal, which happens to have bribed that greek sec of defense into buying german submarines, it was here on ZH some weeks ago...

[EDIT]
http://www.zerohedge.com/news/property-submarine-bribe-collecting-former...
en.wikipedia.org/wiki/Ferrostaal

Tue, 04/03/2012 - 07:56 | 2312370 Fix It Again Timmy
Fix It Again Timmy's picture

When no one is accountable for anything, anything is not only possible but guaranteed and this anything is often beyond your comprehension...

Tue, 04/03/2012 - 08:25 | 2312414 allenaki
allenaki's picture

Thanx for the great work!!!

I've reposted it for the main greek anti-greenfraud blogs

We only hope that Project Helios "bankrupts" as well, soon enough before they get in hand our mountains, hectars and islands to nail their mirrors and windmonsters!

Tue, 04/03/2012 - 10:37 | 2312863 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

Now what the hell are the citizens of Blythe going to have to pile their lifetime of wasted hope on?

 You should have seen the smiles on their toothless faces once they found out that manna was going to fall from heaven this time... It's really a case of one disaster preceding the next in many of these worthless small towns all across California today, no tax base to fund the meager public services- gangbangers springing up like weeds after the rain thanks to an incoherent state justice dept, no viable income stream on the horizon and Joe Arpiao right across the river has scared the illegals out of their trailers and back to Mexico... Now Gov. Moonbeam who was their last best hope has crapped the bed again by believing Obama...

 Blythe with this cruel turn of fate has now recended to the natural state of hopelessness last year they thought they had escaped through the miracle of mis-allocated federal tax money- the only income stream left is to continue selling their water to LA instead of growing crops..

 ..ah for the good old days of an honorable and effective governor- Gray "brownout" Davis...

Tue, 04/03/2012 - 11:00 | 2312980 robertsgt40
robertsgt40's picture

"It will play a key role in stimulating the American economy,” said Uwe T. Schmidt"---That is correct.  It drilled another hole in the already sinking USS Amerika.  "The last official act of government is to loot the treasury"--Mike Rievero-WRH.com

Sat, 04/07/2012 - 17:15 | 2325035 Matador
Matador's picture

test

Sun, 05/13/2012 - 23:30 | 2422696 qiongqiong
qiongqiong's picture

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