Another DOE Solar Company Seeks Bankruptcy Protection
Another solar company highly touted by the Obama administration as a success story of their clean energy investment program announced it was seeking bankruptcy protection. This company had been conditionally approved for a DOE loan in 2011. Check out the info below:
SHOT: April 2012: Solar Trust Of America – Another Solar Company Highly Touted By The Obama Administration – Announces It Is Seeking Bankruptcy Protection:
Solar Trust Of America Is Seeking Bankruptcy Protection. “A California solar energy company that was unable to meet a deadline for an Energy Department loan guarantee last year has sought bankruptcy protection in Delaware. Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million.” (“Solar Trust Of America Seeks Bankruptcy Protection After Trouble Getting Federal Loan,” The Associated Press, 4/2/12)
CHASER: February 2011, Secretaries Of Energy, Interior And Agriculture Stand With Solar Trust Of America Chairman & CEO To Tout Clean Energy Program:
U.S. Secretary of Energy Steven Chu (2nd R) speaks as (L-R) Chairman & CEO of Solar Trust of America Uwe Schmidt, Vice President of Regulatory Affairs of BrightSource Energy Joshua Bar-Lev, Secretary of Agriculture Tom Vilsack, and Secretary of Interior Ken Salazar listen during a post-roundtable news conference at the Department of the Interior February 9, 2011 in Washington, DC. The roundtable was held to discuss onshore renewable energy projects.
CHASER: April 2011, Energy Secretary Declares “I Have Good News” As He Announces On White House Blog That The DOE Has Given A $2.1 Billion Conditional Loan To Solar Trust Of America:
Secretary Chu On White House Blog: “I Have Good News” That Solar Trust Of America Has Received A $2.1 Billion Conditional Loan That Will “Create More Than 1,000 Jobs.” “I have good news. Today, the Department of Energy offered a $2.1 billion conditional commitment loan guarantee to support a concentrating solar thermal power plant near Blythe, California. This is the largest amount ever offered to a solar project through our the Department’s Loan Programs Office. The loan will support two units of the Blythe Solar Power Project that will have a combined 484 megawatt generating capacity. These units are part of a larger project, sponsored by Solar Trust of America, that when completed will generate 1,000 megawatts of solar power, enough to power 95,000 homes a year. The project is expected to create more than 1,000 jobs and is estimated to avoid more than 710,000 tons of carbon dioxide emissions annually, which is equivalent to the annual greenhouse gas emissions from more than 123,000 vehicles.” (Secretary Steven Chu, “We’re In The Global Clean Energy Race To Win: Federal Investment In California Solar Energy Plant,” The White House Blog, 4/18/11)
CHASER: June 2011, Interior Secretary Travels To California For Solar Trust Of America Groundbreaking:
Interior Secretary Ken Salazar Joined Representatives Of Solar Trust America At A Ceremony Launching The Start Of Construction Of The Blythe Solar Power Project. “Secretary of the Interior Ken Salazar and California Governor Edmund G. Brown, Jr. today joined local officials and representatives from Solar Trust America at a ceremony launching the start of construction on what will be the world’s largest solar power facility. Located on public lands in eastern Riverside County, the Blythe Solar Power Project will generate 1,000 megawatts, enough electricity to power 300,000-750,000 homes when fully operational. The project will be built in two phases or 500 megawatts each. Each 500 MW phase of the project will provide 1,000 construction jobs per year, up to 3,000 supply chain and related jobs, and 220 permanent jobs.” (“Construction Begins On World’s Largest Solar Power Facility,” U.S. Department Of The Interior, 6/17/11)
- Salazar: “Breaking Ground On What Will Be The World’s Largest Solar Power Project Is A Major Milestone In Our Nation’s Renewable Energy Economy And Shows That The United States Intends To Compete And Lead In The Technologies Of The Future.” (“Construction Begins On World’s Largest Solar Power Facility,” U.S. Department Of The Interior, 6/17/11)
- Salazar: “This Project Shows In A Real Way How Harnessing Our Own Renewable Resources Can Create Good Jobs Here At Home And Contribute To Our Nation’s Energy Security.” (“Construction Begins On World’s Largest Solar Power Facility,” U.S. Department Of The Interior, 6/17/11)
