Solargate: Nevada Geothermal Power received $100 million in stimulus money, may file for bankruptcy
At this point I am beginning to feel as if I should just copy and paste previous posts on the Solargate scandal because all I would have to do is change the name of the company in question; the rest of the story is the same.
Last week I wrote this post about Abound Solar and this is part of what I had to write:
When the Obama regime is asked about Solyndra–a company which went bankrupt after it was awarded a $500 million loan guarantee because the Obama regime fast tracked a review of the company–the regime fends off criticism by stating this was one bad investment but the rest of Barack Obama’s green energy initiative portfolio is strong, and after all, when you gamble on so many companies some are sure to fail because you can’t be right all the time. (Of course this doesn’t stop the Obama regime from attacking Mitt Romney for investing in some companies which eventually had to be shut down, the regime doesn’t apply the same standard to Mitt Romney as it does to itself apparently.)
But the truth is that Solyndra is not the only failure Barack Obama has invested taxpayer money in and he is purposely downplaying how disastrous his green energy initiative has been by neglecting to mention Solar Trust, SoloPower, Enir1, BrightSource, Abengoa, SunPower, LightSquared, Tesla, Fisker, and Beacon Power–all companies the Obama regime has invested in and all companies with major issues, and all these companies just happen to have ties to Democrats and Barack Obama.
Last week we added Abound Solar to that list , and this week we add Nevada Geothermal Power to the list as well. NGP was awarded nearly $100 million in federal loan guarantees as part of Barack Obama’s green energy initiative and now the company is admitting that it may have to file for bankruptcy anyway, money well spent I suppose.
The company’s ability to continue as a going concern is dependent on its available cash and its ability to continue to raise funds to support corporate operations and the development of other properties,” NGPauditors said in a financial statement for the period ending March 31.
“Consequently, material uncertainties exist which cast significant doubt upon the company’s ability to continue as a going concern,” the statement said
You may have noticed the name of the company? That’s right NGP just happens to be located in Harry Reid’s state and the Senate leader just happened to hail NGP as a job creator in 2010 when the loan guarantee was announced. Many on the left blame these failures on their belief that the loans weren’t large enough and they claim that more money should have been spent to keep these companies afloat.
If Barack Obama wins reelection and if the Democrats take control of the Congress we can expect more of these same failed policies–only larger–and we simply cannot afford to keep throwing money around on a technology that simply isn’t ready for primetime just yet.