Friday, November 18, 2011

Federal Lands Given for IvanPah Solar: $1.4 BILLION Government Loan Guarantee

Not millions, but BILLIONS. Here's the short story of BrightSource, VantagePoint Partners and Ivanpah Solar electrical Systems - BUILT ON FEDERAL LANDS IN CALIFORNIA!


1) Robert Kennedy, Jr.'s VantagePoint Partners is the majority shareholder in BrightSource.

2) A BrightSource former employer, Sanjay Wagle, was an Obama fundraiser.

3) Wagle went to work (was installed) at the Department of Energy.

4) In 2010 BrightSource had $1.8 BILLION in DEBT. Had lost $13.5 MILLION. Survival depended on the completion of IvanPah Solar, one federal lands, being the biggest solar plant in the world.

4) BrightSource got a DOE loan guarantee of $1.8 BILLION.

BrightSource promised the Ivanpah project, located in the Mojave Desert, would create 1,400 jobs while under construction, fewer than half when operating (costing $1 Million per job if it created 1,400).
At this time, none of these companies appear to be in bankruptcy, but taxpayers bought the BrightSoure debt. Does anyone know if building private sector business on federal land is routine?  Read it all at Big Government.

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