Share
The Wall Street Journal Subscription
Move over, Solyndra. Another green boondoggle from the Obama era has failed, and taxpayers are out as much as $510 million. Late last week Judge Karen Owens approved a Chapter 11 plan of reorganization by Tonopah Solar Energy. Tonopah operated the Crescent Dunes solar plant in Nevada that received $737 million in guaranteed loans from the Obama Administration.
The plan includes a settlement with the Department of Energy that leaves taxpayers liable for as much as $234.68 million in outstanding debt, but the total public cost is even higher. Crescent Dunes also received an investment-tax credit, and the 2009 stimulus legislation allowed it to receive a cash payment in lieu of credit. In 2017 the plant received more than $275.6 million from Treasury under the Section 1603 program, which it used to service its outstanding liabilities. So taxpayers already gave Crescent Dunes cash to pay off its taxpayer-backed loans.
By The Editorial Board | 11 Dec 2020
RELATED TOPICS:
Get a 3D First Look at Merced’s High-Speed Rail Station Design
3 hours ago
California Court to Decide on Transgender Ballot Measure Wording
3 hours ago
Rare House Vote Sees Ukraine, Israel Aid Advance as Democrats Join Republicans
4 hours ago
Full Jury and 6 Alternates Seated in Trump’s Hush Money Trial
5 hours ago
Logan Webb’s Seven Dominant Innings Help Giants Blank Diamondbacks
7 hours ago
Unlocking the Secrets to Fresno State’s Superb Baseball Season