We all know about Solyndra and the 535 million dollar boondoggle that was. Now comes news that another waste of close to 100 million of our tax dollars. Yep still part of the “green energy investment” that Obama is so fond of.
Nevada Geothermal Power, who as you can imagine received strong endorsements from Harry Reid, is about to go bankrupt. He claimed it would create jobs in Nevada and all we had to do was secure a 98.5 million dollar loan for them. Well we did and the total number of jobs created comes to…. 0. That’s right. Nothing, not one job created. This would be funny if it weren’t so sad.
Harry Reid and Stephen Chu both were convinced this was a great idea. Of course it should surprise no one that the company was already about to default on its loans before Obama stepped in. The company was set to default to its primary creditor TCW Asset Management Co. right before they managed to secure the loan guarantee from the government. So basically we can add Nevada Geothermal Power to the list of companies bailed out by the US Government.
Why anyone ever thought that a company that already couldn’t pay its bills would magically be able if they just got one more loan, I will never figure out. Harry Reid said this company would turn Nevada into the Saudi Arabia of Geothermal. Turns out he was right, they now produce just as much geothermal energy as Saudi Arabia does, none.
The best part about all of this is that the company needed the bailout only a year after receiving funding to get its current plant up and running. So we didn’t even give money to a company to try to get them into the market we just threw money at a company that was already failing.
Shocking that it was from Nevada, I wonder if they made a donation to the Cowboy Poetry that Reid is so fond of.