To be filed under “chutzpah:”
After already receiving a controversial $1.6 billion construction loan from U.S. taxpayers, the wealthy investors of a California solar power plant now want a $539 million federal grant to pay off their federal loan.
“This is an attempt by very large cash generating companies that have billions on their balance sheet to get a federal bailout, i.e. a bailout from us – the taxpayer for their pet project,” said Reason Foundation VP of Research Julian Morris. “It’s actually rather obscene.
The Ivanpah solar electric generating plant is owned by Google and renewable energy giant NRG, which are responsible for paying off their federal loan. If approved by the U.S. Treasury, the two corporations will not use their own money, but taxpayer cash to pay off 30 percent of the cost of their plant, but taxpayers will receive none of the millions in revenues the plant will generate over the next 30 years….
…the plant has not lived up to its clean energy promise….
….A NRG spokesman blamed the weather, saying the sun didn’t shine as often as years of studies predicted.
…birds see the mirrors as water. As they approach, the 800º F solar beams roast any bird that happens to fly by. A recent study released by the California Energy Commission conducted by the Center for Biological Diversity called Ivanpah a “mega-trap” that will kill up to 28,000 birds a year….
So, our tax dollars were given as a loan to two giant corporations, who now do not want to use their own money to pay back the loans, and therefore our tax dollars will be given as grants to pay the loans?