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Thread: Solar company bankrupt despite 'win-win' DOE loan

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    Solar company bankrupt despite 'win-win' DOE loan

    Solar company bankrupt despite 'win-win' DOE loan | Campaign 2012 | Washington Examiner

    In keeping with the recent trend of so-called green companies going into the red, another solar energy company supported by President Obama's top administration officials declared bankruptcy today.Solar Trust for America received $2.1 billion in conditional loan guarantees from the Department of Energy -- "the largest amount ever offered to a solar project,"according to Energy Secretary Steven Chu -- for a project near Blythe, Calif., butdeclared bankruptcy within a year. It is unclear how much of the guarantee, if any, was actually awarded.
    Your tax dollars wasted, again.
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    Re: Solar company bankrupt despite 'win-win' DOE loan

    Quote Originally Posted by Arbo View Post
    I still don't understand why the government would support start-upcompanies to do this research. I wonder if we did that during the space race. It would seem to me that supporting good, strong companies who have extensive programs in place would be a wiser use of tax dollars.

    The private sector has venture capitalists who are eager to support these new companies -- if they're sound. The free market works much better at sponsoring new technology than the White House.
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    Re: Solar company bankrupt despite 'win-win' DOE loan

    Solar companies are going Bankrupt all over the planet, with or without DOE loans.
    Despite a fast growing market.
    The Chinese have targeted this industry as strategic an one they will win.
    No one can compete with a phony low Yuan, now add in their govt doing whatever it takes to win.. and destroy everyone else.
    For a decade+ our govt has let the Chinese get away with this and a boatload else.
    They have waged and are winning, Economic War.
    But lets blame the 'socialist' Obama.


    First Solar (FSLR) Stock Suffers from Spate of Industry Bankruptcies
    StreetInsider.com - First Solar (FSLR) Stock Suffers from Spate of Industry Bankruptcies
    April 3, 2012
    Shares of First Solar, Inc. (Nasdaq: FSLR) are under heavy pressure Tuesday as investors attempt to price in the risk related to mounting bankruptcies in the sector.

    On Monday, Q-Cell, once the largest solar company in the world, filled for bankruptcy protection in Germany saying it can no longer continue as a gong concern.

    In addition to the Q-Cell news, also on Monday Solar Trust of America filed Chapter 11 after it was unable to meet a deadline for an Energy Department loan guarantee last year.

    The solar bankruptcy news has further rocked the sector, which has been reeling from drastic price drops and lower subsidies, especially in Germany.

    After dropping 2% on Monday, shares of First Solar are down another 7.6% today.
    Last edited by mbig; 04-04-12 at 11:59 AM.
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    Re: Solar company bankrupt despite 'win-win' DOE loan

    Quote Originally Posted by MaggieD View Post
    I still don't understand why the government would support start-upcompanies to do this research. I wonder if we did that during the space race. It would seem to me that supporting good, strong companies who have extensive programs in place would be a wiser use of tax dollars.

    The private sector has venture capitalists who are eager to support these new companies -- if they're sound. The free market works much better at sponsoring new technology than the White House.
    No it doesn't. Private investment into startups still fail all the freaking time.
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    Re: Solar company bankrupt despite 'win-win' DOE loan

    I think it's important to remember that Solar Millennium/Solar Trust of America gave up the DoE loan. No taxpayer money was lost.

    Why A Solar Developer Turned Down $2.1 Billion From The Government

    In April, the Obama administration offered German developer Solar Millennium’s U.S. joint venture a $2.1 billion loan guarantee to build a massive solar thermal power plant in the California desert. On Thursday, the company effectively gave the money back.
    [...]
    In a sign of how the economics of solar power are changing, Solar Millennium indicated it would be easier and more profitable to obtain commercial financing for the photovoltaic portion of the Blythe project rather than try to attract equity investors for a solar thermal project underwritten by the federal government.
    Why A Solar Developer Turned Down $2.1 Billion From The Government - Forbes
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    Re: Solar company bankrupt despite 'win-win' DOE loan

    Quote Originally Posted by Deuce View Post
    No it doesn't. Private investment into startups still fail all the freaking time.
    And in the event that happens, is it tax payer money that is lost to the 'friends' or 'buddies' of the politician that gave the handout?
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    Re: Solar company bankrupt despite 'win-win' DOE loan

    Quote Originally Posted by Arbo View Post
    And in the event that happens, is it tax payer money that is lost to the 'friends' or 'buddies' of the politician that gave the handout?
    Can't be worse than the alternative. As it stands now, we're paying oil money to politician's 'buddies' in Saudi Arabia, who in turn give that American money to terrorists like al-Queda. They in turn attack American interests across the globe. This forces American military action which costs even more American money. I'd call all that significantly worse than a 'loss.'
    Last edited by EagleAye; 04-04-12 at 03:25 PM.
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    Re: Solar company bankrupt despite 'win-win' DOE loan

    Quote Originally Posted by MaggieD View Post
    I still don't understand why the government would support start-upcompanies to do this research. I wonder if we did that during the space race. It would seem to me that supporting good, strong companies who have extensive programs in place would be a wiser use of tax dollars.

    The private sector has venture capitalists who are eager to support these new companies -- if they're sound. The free market works much better at sponsoring new technology than the White House.
    It is right and important that the government support business and projects that are of substantial national interest. To suggest that making our nation energy independent from the rest of the world is not within our national interests is ridiculous.

    It is equally worth noting that what we are talking about here is not direct support as in venture capital but in loan guarantees to private entities providing that venture capital. How risky is the loan guarantee? Not very. Considering that when a company goes bankrupt all its assets are seized and sold off to repay all the lien holders (i.e. loans) off first. The government would only be responsible for paying that part back that was not covered by the sale of assets. Measure that risk against not providing any incentives for alternative energy and continuing to rely on foreign governments for energy needs and the choice is very clear.

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    Re: Solar company bankrupt despite 'win-win' DOE loan

    This is like some serious old school mafia ****. OK...what you are going to do is give us a huge campaign donation. In return, we are going to give you a guaranteed loan, then you declare bankruptcy. Everyone wins.

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    Re: Solar company bankrupt despite 'win-win' DOE loan

    Quote Originally Posted by Arbo View Post
    It amazes me to see people bitch about the pittance of government backed loans to solar when I never see them make a thread about how the government backed loans for far far far more to the nuclear power industry has a 50% risk of default...

    Your tax dollars at work. And much more dollars at that.
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