Saturday, November 8, 2014

Article: Obama’s 1.6 Billion Dollar Ivanpah Solar Plant Can’t Pay Its Bills – Needs Bailout

Alternate title: Google's billion dollar bird killer goes bankrupt.
In May 2012 Barack Obama highlighted the Ivanpah Solar Plant in his Weekly Address.  
He said the solar plant will “turn sunlight into energy” and put “1,000 people to work.” 
He granted the plant a $1.6 billion construction loan. 
. . . . 
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.
This is the same solar power plant that was reported to kill thousands of birds yearly.

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