Not Just Solyndra: Yet Another Green Energy Company Goes Bust

Unfortunately, Solyndra was just the beginning of the Obama administration’s inability to wisely invest taxpayer dollars.  This loss was a tad bit smaller, but nevertheless, the federal government still blew $98 million on a failing corporation called Nevada Geothermal Power (NGP).  This news is especially hard to hear, considering the fact that the month of June only saw the creation of only 80,000 US jobs.

Chuck Neubauer of the Washington Times writes the details of how the Democrat-controlled government chose an irresponsible recipient of federal monies:

A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid — faces financial problems, and the company’s auditors have questioned whether it can stay in business.”

looking after the Obama administration’s affairs.  He did admit that he was a bit confused, wondering why taxpayer money was “put at such risk.”

There could be one small reason as to why taxpayers bailed out NPG , what Neubauer says, “was rated BB+, which is considered speculative or junk and a step belowinvestment grade”.

Senator Harry Reid (D) …of Nevada, might have had something to do with this.  In fact, in his own words, the company would-

  …put Nevadans to work” and declared that Nevada was the “Saudi Arabia of geothermal energy.”

Perhaps, the fact that NGP was a tad above ‘junk’ and smack on ‘speculative’ didn’t make it to Senator Reid’s desk.  Perhaps, Harry Reid was only hoping to create “programs and incentives for clean energy have helped create jobs and make Nevada a growing leader in geothermal energy production,” yet overlooked the fact that no job will be created once the company defaults.  Perhaps, Mr. Reid was just being a bleeding-heart liberal, who wanted to save the earth and give work to his downtrodden Nevadan masses.

or…

Perhaps, NGP was sweetening a backroom deal for Harry Reid, which, or course, never happens in Washington.  Maybe, it was campaign favors or even real dollars that won Mr. Reid’s favor …time will tell.  This stinks of corruption-ridden, conflict-of-interest.  We can only hope that Mr. Issa can get to the bottom of this.

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