Is This Another $700 Million Plus Down The Obama Rat Hole???

Feds guarantee $1 billion in new solar loans
Projects ‘carefully vetted’ in wake of Solyndra failure

By Jim McElhatton
The Washington Times
Wednesday, September 28, 2011

Days before the expiration of its loan program, the Department of Energy, under fire for backing more than a half-billion dollars in loans to now-bankrupt solar panel maker Solyndra LLC, announced Wednesday more than $1 billion in new loan guarantees for other solar projects in Nevada and Arizona.
The Nevada project is sponsored by Los Angeles-based SolarReserve LLC, whose investors include Citigroup, U.S. Renewables Group, Good Energies, Credit Suisse, Nazarian Enterprises and Argonaut Private Equity, which had a major stake in Solyndra.

PCG Asset Management also is listed as one of the company’s investors. That company’s board of directors includes Ronald Pelosi, the brother-in-law of House Minority Leader Nancy Pelosi, California Democrat.

Kevin Smith, chief executive for SolarReserve, said PCG’s investment in SolarReserve is about one-percent. He said Mr. Pelosi was not involved in the project. Mr. Smith said that, unlike Solyndra, the project had a long-term revenue source locked up through a contract to sell power to the Nevada Power Company.

There is a PG 2 and the whole story at the link above.

One Comment

  1. Or is this another payback for them supporting BO in 2009. Strange that the Billion was committed 2 days before the ability to do that when the end of the Fiscal Year happened.

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