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Longing for the heady days of Solyndra, DOE ‘investing’ $4 billion to make it happen again

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By Doug Powers  •  April 18, 2014 08:44 AM

**Written by Doug Powers

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It was inevitable — like the swallows returning to San Juan Capistrano. Except in this version the swallows use government grants and loans to turn the Mission into a solar company that goes bankrupt, don’t repay the money, fly back to Goya in first-class and leave taxpayers on the hook for the loss. In other words, it’s for the birds.

From Reuters:

The U.S. Energy Department on Wednesday unveiled a plan for up to $4 billion in loan aid for renewable energy companies to help rejuvenate a program that faced harsh political attacks over past failures of federally subsidized projects.

The Obama administration’s draft plan would provide loan guarantees for innovative projects that limit or avoid greenhouse gas emissions.

It will specifically focus on advanced electric grid technology and storage, biofuels for conventional vehicles, energy from waste products and energy efficiency.

“We’re back in business,” Peter Davidson, executive director of the department’s loan programs office, told Reuters.

We’re back in business”? Great. Here’s how that’s going to sound from the taxpayers’ perspective:


We’re back in business

At $4 billion, it’s bound to be one of the more expensive memory lanes ever constructed. But don’t worry, because they’re totally going to pay attention this time:

And in the wake of the Solyndra scandal, the department also made changes to its due diligence practices and loan oversight.

Apparently some of the billions of dollars from the last round of “green” loans somehow ended up in the hands of people who weren’t Dem cronies, and DOE will make sure that doesn’t happen again.

**Written by Doug Powers

Twitter @ThePowersThatBe

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Categories: Barack Obama, Health care, New York Times, Paul Krugman