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FBN’s Gerri Willis on the government-backed green energy companies that have gone bankrupt.
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Well you thought a lot of government backed solar panel makers -- gone bust -- wait there's more.
And this -- is a -- starring none other than senate majority leader Harry Reid that's right.
He was on hand to flip the ceremonial switch for the ground breaking -- -- -- is Nevada solar plant back into when he ten any.
Boasted of the hundreds of permanent jobs there will be created in northern Las Vegas.
But it didn't work out that way the plant closed just fourteen months after opening its doors.
Really -- disgraceful and for millions of federal dollars.
It was built with a fifteen point six million dollar grant from the Energy Department.
And they won six million in green energy tax credits from the stimulus the closing should come as no surprise.
As you know as we've reported the program has been a waste from the very beginning.
So far three of the first five companies to get loan guarantees and gone belly up Solyndra abound solar beacon power.
The lots money of course really adds up so lender in the keying up wasteful green stimulus.
Declaring bankruptcy after taking 527.
Million dollars in loans from the government.
A -- was awarded a 400 million loan guarantee but they only had time to take sending million that before they went over the edge.
And -- power which went bust after taking 39 million dollars from the Energy Department.
Now this is a program that should live in infamy.
Half 50%.
Of the solar panel makers that have gotten these loan guarantees have gotten -- that's incredibly bad hit rate.
A global oversupply -- sagging demand for solar panels -- driven down the sale price by half in the last year forcing this content companies that is into bankruptcy.
That's not stopping the government from financing more of them.
Two more solar manufacturers are preparing to cash their own DOE checks.
Thirteen 66 technologies is on track to borrow as much as a 150 million so low power has -- -- 197 million dollar get guarantee.
They're promising revolutionary new techniques in manufacturing.
But that's the same thing we heard from Solyndra that's why today's house energy hearing on slender was so important and so disappointing.
There -- going to vote on the no more -- -- you remember that which would defund the Energy Department's loan program.
Instead they punted on the bill pushing it back for further consideration.
Too bad the DOE didn't -- show the same restraint when doling out funds.
The Treasury Department was given just one day to review their proposal -- -- because the Energy Department wanted to make a deadline.
For a press release.
Let's say it's time we shut down the program from good the people in charge of spending these long dollars they've proven they can't be trusted.
Renewable energy should be allowed to compete on the open market -- private investors take their risk.
We need to stop throwing the tax -- money down a rat hole of empty promises.
