It just so happens that the Solyndra debacle was peanuts compared to the Ivanpah solar project, according to a Reason.com report.
Ever heard of the Ivanpah project?
Travel ~50 miles northwest of Needles, California, which is where the town of Ivanpah is located. Today, the town features a 377-megawatt, net solar complex built between 2010 and 2013. The facility utilizes mirrors to focus the power of the sun upon solar receivers placed atop power towers. It's quite the "green" operation that, at its inception, was touted as going to be capable of:
- generating enough electricty to serve 140k+ homes in California during peak hours; and,
- reducing carbon dioxide (CO2) emissions by more than 400k tons/year.
All for the asking price of $1.6B in federal loan guarantees...with overuns that drove the total cost of completion to $2.2B. Don't ever forget: The term "federal loan guarantees" really means "the nation's taxpayers are on the hook." And, it this case, it's also "crony socialism."
Don't worry about the why's. (Weather is cited.) No, worry more about what that failure means in terms of cash flow (it's negative). How will the company be able to pay back its federally guaranteed loans back? (The fact: It can't).
Now, consider the nation's deficit. Recall how the U.S. Congress just keeps funding more and more programs that add to the deficit and how the Federal Reserve keeps printing more and more money to fund it to the point that the nation now has an $18T deficit? Yes, to anyone who does the math, this is a Ponzi scheme that ultimately means the nation will go bankrupt or enchain its citizens with prohibitively high taxes. In other words, socialism with the patina of democratic freedom.
But, Ivanpah's management has learned its lesson well and has taken a cue from the Congress by asking for yet another federal grant--this one to the tune of $539M, what Solyndra cost the nation's taxpayers--to continue paying off its debt. So, it might be asked, what's another $539M that the federal goverment doesn't have, especially since it's for renewable energy in California?
Considering all of this, the delicious irony is how Ivanpah's management is going to make up for that 75% deficit in energy generation. According to the Reason.com report, they've decided to use natural gas.
Omigosh! Isn't that heresy to those who worship at the altar of environmentalism? Their "green" dream of "hope and change" that's up and running in the Mojave Desert--a solar power generation station--can't perform as promised. Now, Ivanpah's management has not only asked for more "green" from the federal government but will also be using more natural gas extracted from Mother Earth?
Yet, not so much as a peep is to be heard from the stormy petrels. They must be too busy burying all of the protected birds that are being slaughtered by their "green" dream of "hope and change" that's been made incarnate those wind farms.
Let the discussion begin...
To read the Reason.com study, click on the following link:
"Solar Plant Wants to Pay Off Massive Government Loan with Massive Government Grant."