……And another one bites the dust. British Petroleum is shuttering its solar manufacturing business. More proof that solar isn’t the big panacea it’s touted to be and is not going to be providing many shovel-ready jobs in the United States or anywhere else, with the possible exception of China.
The unit, which BP has been scaling back since 2008, is the latest sun energy business to fall victim to rampant competition from China, falling prices, overcapacity and lower government subsidies on which the industry still depends.
This doesn’t only affect Europe, this is going to have a worldwide effect…..
The company confirmed on Wednesday that it plans to exit its large-scale projects at Long Haven in the U.S. and Moree in Australia.
Add this to the long list of dead or dying companies such as Solyndra and Evergreen Solar in the US and…..
Swiss bank Sarasin said in a recent study that Conergy and Q-Cells were among the German solar companies most exposed to the sector’s crisis.
We continue to maintain that if solar power was such a great idea government subsidies would not be necessary for solar to be a big financial and energy success and it appears we’re becoming more right as each day passes. Someone should get the people running the US Department of Energy and California Governor Jerry Brown out of their green comas and advise them of this.
Please don’t bring up oil company subsidies. At least they have a viable product, make a profit and pay taxes.
Filed under California, California Green Jobs, Climate Alarmism, Climate Change, Climate Disruption, CO2, Co2 Insanity, DEPARTMENT OF ENERGY, DOE, Editor, Financial, Global Warming, Government, Green Energy, Renewable Energy, Solar, Solargate, Solyndra
It looks like more greenbacks provided by taxpayer’s hard work have flown into a company named Brightsource, conveniently owned by Robert Kennedy Jr. and conveniently granted $1.4 billion of your tax dollars by an ex-employee who’s now conveniently a Department of Energy big cheese.
President John F. Kennedy’s nephew, Robert Kennedy, Jr., netted a $1.4 billion bailout for his company, BrightSource, through a loan guarantee issued by a former employee-turned Department of Energy official.
The details of how BrightSource managed to land its ten-figure taxpayer bailout have yet to emerge fully. However, one clue might be found in the person of Sanjay Wagle.
Wagle was one of the principals in Kennedy’s firm who raised money for Barack Obama’s 2008 presidential campaign. When Obama won the White House, Wagle was installed at the Department of Energy (DOE), advising on energy grants.
From an objective vantage point, investing taxpayer monies in BrightSource was a risky proposition at the time. In 2010, BrightSource, whose largest shareholder is Kennedy’s VantagePoint Partners, was up to its eyes in $1.8 billion of debt obligations and had lost $71.6 million on its paltry $13.5 million of revenue.
It’s amazing how those DOE handed-out taxpayer dollars seem to go to good buddies of Obama isn’t it? Oh well, nothing to see here, move on please. Just another $1.4 billion that will probably go down the tubes never to be seen again ala Solyndra, AKA: More CO2 Insanity.
Source: Big Government
Filed under Climate Alarmism, Climate Change, Climate Disruption, Climategate, CO2, Co2 Insanity, DEPARTMENT OF ENERGY, DOE, Energy, Financial, Global Warming, Government, Green Energy, Green Tech, Politics, Solyndra