Article

2014-11-09 Government

World's largest solar plant applying for federal grant to pay off federal loan

[Fox] After already receiving a controversial $1.6 billion construction loan from U.S. taxpayers, the wealthy investors of a Mexifornia solar power plant now want a $539 million federal grant to pay off their federal loan.

"This is an attempt by very large cash generating companies that have billions on their balance sheet to get a federal bailout, i.e. a bailout from us - the taxpayer for their pet project," said Reason Foundation VP of Research Julian Morris. "It's actually rather obscene."

The Ivanpah solar electric generating plant is owned by Google and renewable energy giant NRG, which are responsible for paying off their federal loan. If approved by the U.S. Treasury, the two corporations will not use their own money, but taxpayer cash to pay off 30 percent of the cost of their plant, but taxpayers will receive none of the millions in revenues the plant will generate over the next 30 years.

"They're already paying less than the market rate," said Morris, author of a lengthy report detailing alleged cronyism and corruption in the Champ administration's green energy programs. "Now demanding or asking for a subsidy in the form of a grant directly paying off the loan is an egregious abuse."
Not sure whether to post under Lurid Crimes, S&T, or Economy. I went with Crime.

Posted by Besoeker 2014-11-09 00:00|| || Front Page|| [11143 views ] Top

#1 Midterms are over so it is time to close up this money laundering scheme.

I do feel bad for Google with $50 billion in cash and several billion a quarter rolling in. You would think the GIVERnment would be borrowing from them instead of the other way around.

Posted by Airandee 2014-11-09 07:46|| 2014-11-09 07:46|| Front Page Top

#2 I don't understand! It's green! It's free!
Signed
-Liberal Science and Economics Major-

Posted by AlmostAnonymous5839 2014-11-09 16:53|| 2014-11-09 16:53|| Front Page Top

#3 Green energy = graft and corruption

Fusion energy NOW!!!

Posted by DarthVader 2014-11-09 17:27|| 2014-11-09 17:27|| Front Page Top

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