Category Archives: Solyndra

BP DUMPS SOLAR

……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.

Source: Reuters

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More Obama Green Nepotism.

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

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Another Solar Fail

Solargenix Energy - Formerly Duke Solar Energy - The Natural Power For Good

Here’s another example of how government cronyism causes tax-payers to lose money on solar power scams. From Chicago, the home of government corruption we get this new fail. This time, for a change, it’s solar hot water heating systems made by a company called Solargenix Energy LLC.

In March 2004, then-Mayor Richard M. Daley announced a deal that promised to save taxpayer money, reduce natural gas consumption and bring “green” jobs to Chicago.

But taxpayers might see red when they learn how the deal turned out. More than seven years later, the initiative has been quietly suspended amid problems with some of the equipment — and acknowledgements by city officials that taxpayers will probably lose money on the deal and never realize the energy savings that Daley touted, the Better Government Association has learned.

So where’s the cronyism? Right here.

In the end, the BGA found that one of the few beneficiaries of the deal appears to be a businessman with close ties to Daley: United Service Cos. President and CEO Rick Simon, the former chairman of the Chicago Convention & Tourism Bureau and a South Loop neighbor of the ex-mayor.

Seems those solar panels didn’t work properly and now that they’re fixed, the cost to install them exceeds the cost of continuing to use natural gas to heat the water. Regardless of what type of solar it’s a theme that we seem to see more of such as the boondoggle solar installation in Yosemite, which may never really pay off financially.

We’ve seen government cronyism involved with Evergreen, Solyndra, Sun Power, Tonopah Star and now in Chicago. We wonder how many billions will be wasted before someone finally gets a clue that solar has a long way to go and that the government should keep their nose out of it.

If it’s so effing great, the free-market will invest! If it sucks, they won’t. A pure and simple way to save the tax-payers billions of dollars better spent elsewhere and possibly some day get solar that actually works and is cost efficient.

Source: Chicago Sun Times

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Will SunPower be the next Solyndra?

SunPower Corporation

Solyndra’s body isn’t even cold yet and look at this! The solar company in Fremont, California, that filed for Bankruptcy after receiving a $535 million loan guarantee from the Obama administration under dubious circumstances, hasn’t even been auctioned off and already it’s looking like we have another contender for a similar failure after receiving $1.2 billion in loan guarantees from the Obama administration.

Reports are now surfacing that SunPower isn’t perhaps in very stellar financial condition, either. According to the Daily Caller today……

The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program’s deadline.

SunPower isn’t as financially sound as the public was led to believe when it secured a loan guarantee twice the size of Solyndra’s $535 million loan. Just this week — less than a month after taxpayers landed on the hook for SunPower’s $1.2 billion loan guarantee — company executives announced that they expect to lower their 2011 earnings projections.

The company also carries $820 million in debt, which is $20 million more than its market capitalization.

So why the largess from the Obama administration so soon after the Solyndra debacle? Well, as usual, let’s follow the money and connections……

Last October, President Barack Obama’s Interior Secretary Ken Salazar and California Democratic Rep. George Miller toured SunPower’s plant in California. Both touted the company. Miller said SunPower was an example for “renewable energy” production and “America’s future economic growth.”

But, Miller failed to mention how his son, George Miller IV, is SunPower’s top lobbyist in California. Miller’s son was pushing for the $1.2 billion loan guarantee taxpayers are on the hook for now.

Sounds to us like more crony socialism is afoot. It will be interesting to see what happens at SunPower over the next few months. Could it be a Solargate II, with some CO2 Insanity tossed in for good measure? Time will tell.

Source: Daily Caller

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Solar Panel Propaganda

Solar panels, touted by many to be a renewable energy panacea that will rid the planet of all those nasty coal-fired power plants, may be a bigger boondoggle than we already thought. We’ve already complained that they do not appear in many instances to provide a return in investment.

It now appears that the time they provide energy before replacement is required is dramatically less than claimed. Thus shortening not only the life of the panels and the electricity generated, but also reducing the return on investment.

If you listen to the mostly-Chinese manufacturers, solar panels work great. They can be expected to degrade about 0.5% a year. So that is how we build the economic models to finance, insure and subsidize the larger solar systems.

In the real world, we are just starting to find out how bogus many of those predictions are. The National Renewable Energy Laboratory says that panels can degrade as much as 4.5% a year. Or more. Put that in your pro forma and see what your banker and insurance agent — or Congressman — say about that.

While we see claims that average solar panels will last 25 to 30 years, the aforementioned claim of 0.5% per year means that solar panels should last an astounding 200 years (100% ÷ 0.5%). At the realistic rate of 4.5% per year they will only last about 22 years before replacement is needed (100% ÷ 4.5%), which is not even the 25 to 30 currently claimed by many and not even remotely close to 200 years.

It gets worse folks. They don’t only degrade, it appears they also can literally fall apart and it doesn’t take very long.

In Italy last year, “they discovered that after one year in the field, over 90% of the (solar panels) from a one megawatt project began to delaminate and ended up on the ground.”

That is a lot of wasted money. 90% down the tubes after being used for only one year. No return on investment and very little ‘free’ electricity generated. All that is left is an eyesore that is a pile of toxic waste, wasted tax dollars and perhaps a tax deduction for a business loss.

We are adverse to the lies about what renewable energy costs and what it’s capabilities are. We’re also adverse to the physical and financial messes left when solar and wind-power are abandoned. We’re extremely adverse to the rush to install solar and wind-power without having full knowledge about the effects. Look at the carnage left in the previous two links to see what we’re talking about.

California seems to be leading the rush off the proverbial cliff via the implementation of AB32, California’s cap & trade law, that mandates power providers to generate 33% of their power from renewable (green) sources by a not too distant 2020.

With many large solar projects planned in California, it would seem to be a logical move to slow down and find out what our money is being spent on and what the return on investment will be as opposed to rushing in head first, only to find another government mandated, costly boondoggle. To know what happens to government mandated boondoggles one only has to look at the Solyndra and Evergreen Solar fiascos.

You can safely bet that when these solar energy plants fall apart at the seams, the taxpayers and energy consumers of California and other states will get stuck paying for the bill. It’s probably also a safe bet that the messes left at abandoned solar and wind farms will be there for decades as a reminder of what happens when the government gets involved in what should be private enterprise.

Source: AOL Energy

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Solargate: Let the excuses begin!

$527 Million Tax Dollars Down the Tubes?

We have barely heard that the Solyndra executives testifying before Congress will invoke the 5th Amendment and we already have propaganda being put forth by Solyndra.

In announcing that Solyndra executives would invoke their Fifth Amendment rights when they appear before Congress this week, a spokesman for the bankrupt solar energy company laid the blame for its demise at the feet of the same Department of Energy that invested $527 million into the failed enterprise.

Sure folks, the same agency that gave Solyndra $527 million when they probably shouldn’t have are now the same agency who pulled in their horns when asked to guarantee more investors and caused Solyndra to shut down and file for Chapter 11 bankruptcy. Come on now, you can’t have it both ways!

Lets hear what Representative Henry Waxman (D-CA) has to say about Solyndra.

I’m particularly concerned because the CEO of Solyndra met with me in July and said they were doing very well economically, they were going to double their revenues. Then a month later they declared bankruptcy. That makes me wonder what kind of misrepresentation they might have made to the administration.”

Misrepresentation sounds too nice to me, but I guess Representative Waxman wants to investigate more to see if he should be using the term fraud or not.

It will be interesting to see if anything turns up at the hearing besides I’ll take the 5th Amendment for $527 million Alex.

Yes more CO2 Insanity, something that seems to almost be akin to perpetual BS motion.

Source: New York Times 

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Solargate: Solyndra execs will take the 5th Amendment

$535 Million Tax Dollars Down the Tubes?

In a what doesn’t surprise me in the least move, Solyndra executives have announced they will be taking their 5th Amendment right when testifying before Congress this week. For those unaware, below is the 5th Amendment to the Constitution of the United States of America.

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

While I’m not one of their attorneys, I’d suspicion the part highlighted above is what they’re referring to. This could mean that they have done something illegal and won’t be ratting on themselves before Congress, or perhaps they could be using this to cover for others involved with Solyndra, or both. In either event I find it very reminiscent of testimony by alleged Mafia members during Congressional hearings in the 1950’s and 1960’s.

I’d say you can rule out Attorney General Eric Holder doing anything about this because it certainly appears that, based upon e-mails made public, that Solargate at the very least will lead to some Obama Administration officials and potentially it could even lead to President Obama.

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