December 30, 2014

GOOD IN MY BACKYARD, BAD IN YOURS:

Program that funded Solyndra failure producing success stories (Henry C. Jackson, December 30, 2014, Washington Post)

[R]oughly six years on, there are more signs that the program is working. In California, Tesla Motors has flourished, paying back a $465 million loan nearly 10 years early. A handful of companies have opened solar energy sites and signed long-term contracts to sell power to utility companies.

And then there is the Abengoa biorefinery in Hugoton, where Energy Secretary Ernest Moniz visited in October for the opening. He was joined by two Kansas Republicans who voted against the stimulus package: Sen. Pat Roberts and Gov. Sam Brownback, a former senator.

"This program, let me say, not only here in Hugoton, but across the board has been a tremendous success," Moniz said. "I mentioned $30 billion in loans with a 2 percent default rate -- that is a pretty enviable in any portfolio."

Roberts and Brownback say they voted against the stimulus package for other reasons.

"The governor strongly supports the Abengoa project," said Eileen Hawley, a spokeswoman for Brownback.

Despite the program's failures, the department projects a profit of between $5 billion and $6 billion during the next 20 to 25 years. Overall, 20 of the program's 30 enterprises are operating and generating revenues, according to the department.

Posted by at December 30, 2014 8:36 PM
  

blog comments powered by Disqus
« FIRST YOU HAVE TO BREAK THE UNIONS: | Main | OUR TORY PRIME MINISTER: »