Another Obama-backed company, with $2.1B in taxpayer loans, goes bankrupt
Last April Barack Obama gave away a $2.1 billion taxpayer-backed loan to Solar Trust of America, hailing the company as an example of his energy policy.
Yesterday they declared bankruptcy as yet another Obama-backed “green” company failed, taking taxpayer money down with it.
Solar Trust, which held the rights to the 1,000-megawatt Blythe Solar Power Project in the Southern California desert, began bankruptcy proceedings Monday.
Solar Trust filed for bankruptcy after Solar Millennium AG, another solar company which holds a 70 percent stake in Solar Trust, filed for bankruptcy.
Solar Trust tried to sell those shares to a company named “solarhybrid AG,” but that company also declared bankruptcy.
It’s the latest colossal failure for Obama’s agenda of propping up failing “green” companies with massive giveaways of taxpayer funds.
“Interior Secretary Ken Salazar and California Gov. Jerry Brown were on hand last June when Solar Trust broke ground on a 1,000-megawatt project in California. The project was touted as the world’s largest solar power plant and a keystone of the Obama administration’s efforts to promote solar energy,” the Associated Press reports.
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