The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: mystery-ak on July 31, 2020, 05:53:57 pm
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Chris White
Tech Reporter
July 30, 2020 5:13 PM ET
The Department of Energy reached a settlement Thursday to recover $200 million in taxpayer funds from a loan the Obama administration distributed in 2011 to finance a $1 billion solar power plant that was deemed obsolete before it could officially go online.
The settlement between DOE and Tonopah Solar Energy must now be approved by a bankruptcy court, the Las Vegas Review Journal reported.
The DOE provided a $737 million loan to Tonopah in September 2011 for the purposes of financing the $1.1 billion Crescent Dunes Solar Energy Project in Nevada. The agency disbursed funds for the plant in 2011 and 2013 before the project experienced problems requiring improvements, rendering the Crescent Dunes obsolete by 2015, Bloomberg reported in January.
Thursday’s settlement will allow the DOE to recoup a portion of the $424 million Tonopah owes. The plant experienced an outage in 2016, forcing a shutdown lasting from October 2016 to July 2017, the Wall Street Journal Editorial Board reported in January. Another outage occurred in April 2019 and is ongoing.
more
https://dailycaller.com/2020/07/30/trump-obama-tonopah-crescent-dunes-solar-energy-solyndra/
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Positive news for a change.
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$200 Million recouped from a $737 Million loan. New slogan for the O'Bastard era: "Pennies on the Dollar."
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Anybody recall that other great wealth redistribution scheme of Barrys...................Solyndra?
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We need some journalistic work on undercovering who owned shares of Tonopah and when so it will come to light who profited from this distribution scheme.
Without facts to support me and just a hunch, I bet 100% of the ownership was in the hands of Obama supporters, at least at the time the fed cash was received.
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Positive news for a change.
There's actually quite a lot of good news. The only change is this was reported. Save the link because it won't be picked up by the lamestream media. happy77
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$200 Million recouped from a $737 Million loan. New slogan for the O'Bastard era: "Pennies on the Dollar."
Something is better than nothing! I' surprised that they recovered that much.
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We need some journalistic work on undercovering who owned shares of Tonopah and when so it will come to light who profited from this distribution scheme.
Without facts to support me and just a hunch, I bet 100% of the ownership was in the hands of Obama supporters, at least at the time the fed cash was received.
You dream sir! (I borrowed that line) NEVER going to happen!
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You dream sir! (I borrowed that line) NEVER going to happen!
It still does not replace the need.