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Gird your coins (again): Solar company applies for $539m federal grant to pay off federal loan

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By Doug Powers  •  November 9, 2014 09:32 AM

**Written by Doug Powers

Google execs and employees have been among the most generous Obama supporters in the corporate world, so the odds of this application being fast-tracked to approval are looking good:

After already receiving a controversial $1.6 billion construction loan from U.S. taxpayers, the wealthy investors of a California solar power plant now want a $539 million federal grant to pay off their federal 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.

NRG wants the grant for the same reason people climb Mt. Everest: Because it’s there:

“They’re already paying less than the market rate,” said Morris, author of a lengthy report detailing alleged cronyism and corruption in the Obama administration’s green energy programs. “Now demanding or asking for a subsidy in the form of a grant directly paying off the loan is an egregious abuse.”

NRG doesn’t see it that way, telling Fox News the money is there for the taking. “NRG believes in a clean and sustainable energy future and therefore participates in available government programs to develop and expand the use of clean energy to accelerate America’s energy independence.” In 2013, the Obama administration handed out $18.5 billion in renewable energy grants, with $4.4 billion going to solar projects.

Come on, taxpayers, don’t be evil — pay off Google’s loan!

**Written by Doug Powers

Twitter @ThePowersThatBe

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