A Democrat President Again Wastes Taxpayer Money On Useless Renewables
August 12, 2022
By Jerome Corsi
This past week, the Senate passed the Biden administration’s “Inflation Reduction Act,” which includes $368 billion for green energy spending targeted to reduce CO2 emissions by 40 percent by 2030, a move that will almost certainly increase inflation. In a repeat of the renewable energy project failures that the Obama administration financed with federal grants and tax breaks, the Biden administration is betting more potentially inflationary deficit spending against the odds that renewable energy will be profitable this time.
Ironically, on September 4, 2009, then-Vice President Joe Biden was the one who announced that the Department of Energy (DOE) had just finalized a $535 million loan guarantee for Solyndra, LLC. This green energy company manufactured “innovative cylindrical solar photovoltaic panels that provide clean, renewable energy.” Biden enthusiastically noted the DOE loan guarantee aimed to finance the construction of Solyndra’s manufacturing plant. He also bragged that the annual production of solar panels from the first phase of Solyndra’s plans would provide energy equivalent to powering 24,000 homes a year for over half a million homes during the project’s lifetime.
On September 6, 2011, Solyndra filed for bankruptcy, suspended operations at its headquarters, and laid off 1,100 workers. Solyndra went bankrupt despite $535 million in federal loan guarantees and more than $700 million in venture capital funding. The U.S. Department of Energy blamed the Solyndra bankruptcy on the Chinese, claiming the China Development Bank offered more than $30 billion in financing to Chinese solar manufacturers, “about 20 times more than U.S.-backed loans to solar manufacturers.”
https://www.americanthinker.com/articles/2022/08/a_democrat_president_again_wastes_taxpayer_money_on_useless_renewables.html
