Solyndra 2 Looms?
We all remember Solyndra. It was a producer of solar panels that got government loan guarantees. It went bankrupt. The lenders got paid by taxpayers.
There is another firm that is bordering on a Solyndra event. This one produces components to produce geothermal energy. Its auditors question whether it can stay in business.
The loss to taxpayers will be $98.5 million.
The Washington Times reports that Nevada Geothermal Power (NGP) “has substantial debts and does not generate enough cash from its current operations after debt-service costs.”
Nevada’s Senator Harry Reid was a promoter of this loan guarantee. He said the company would “put Nevadans to work.” However, a recent report by the House Oversight Committee and Government Reform Committee found the loan “did not help create a single job.”
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