Unlike Solyndra, other California solar projects appear on track

Rybold · Oct 15, 2011

Six large solar power plants to help the state meet its ambitious clean electricity goals are proceeding on schedule, according to their developers. Like Solyndra, they carry federal loan guarantees.

As Republican lawmakers pound the Obama administration for pouring a half-billion dollars into now-bankrupt solar panel maker Solyndra, a much bigger federal government bet on green energy looks to be quietly paying off for California.

Six large solar power plants ... carry federal loan guarantees — $7 billion worth in total — which are considered key to attracting private investment in alternative energy.

The plants are expected to create nearly 4,000 construction jobs over the next five years and an additional 250 permanent jobs after they're up and running. All the power generated will be sold to California utilities at fixed prices under long-term contracts already approved by state regulators.

This year, state lawmakers and Gov. Jerry Brown approved legislation requiring all private and municipal electric utilities to get at least one-third of their power from non-fossil fuel sources by 2020. The so-called renewable portfolio standard is expected to help California meet a legal mandate to cut carbon dioxide and other greenhouse gas emissions linked to global warming to 1990 levels by the end of the decade. The law calls for an 80% decrease by mid-century.
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Not all California solar projects compare to Solyndra - latimes.com

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Trebuchet · Oct 16, 2011

Not all "compare?". That's right because this one is worse. :fear: Sunpower, in 2008 it traded around $80 a share. Today it's a little over $8.00 a share. The US government loaned them $1.2 billion. :rockon:

SunPower has been burning through cash and lost $150 million in the first half. SunPower admits in its SEC filings that it is very dependent on government, without which its revenues would drop.

It also says Â in its SEC filings that it doesn’t have long-term contracts with customers and could lose customers without warning, and that a big slug of its revenues depends on a limited number of customers .SunPower and its executives face class action lawsuits over alleged accounting misstatements. A SunPower spokesman declined comment.

Another outrage: This project will only create 15 new, permanent jobs, according to the DOE website. If it fails, that would come at a cost of more than $80 million in taxpayer money for each of those jobs.

There’s also a political element here; SunPower tells FOX Business that Rep. George Miller (D-CA) had toured one of its plants last fall, touting it as a success in California. Miller’s son works at a lobbying firm that represents SunPower, which the lobbying firm confirmed to FOX Business.

Rep. Miller's office did not return a call seeking comment
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Dept. Of Energy's SunPower Loan Guarantee Under Fire | Fox Business

Unlike Solyndra, other California solar projects appear on track

Rybold globally warmed member

Trebuchet Senior Member

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Unlike Solyndra, other California solar projects appear on track

Rybold globally warmed member

Trebuchet Senior Member