"John Broder of The New York Times has an interesting piece on Al Gore’s financial profit tied to his global warming alarmism and push for renewable energy. Gore’s venture capital firm invested in Silver Spring Networks, a company that makes hardware and software to improve efficiency in the...
Is Harry Reid-Backed Nevada Geothermal the Next Solyndra?
"'This project is exactly the type of initiative we need to ensure Nevada creates good-paying jobs,' Senate Majority Leader Harry Reid (D-NV) said of a geothermal plant to be built in his home state. A year and a half and $145 million in taxpayer financing later, and the company that built the plant is in dire financial straits.
A recent audit by Deloitte & Touche expressed 'significant doubt' about Nevada Geothermal Power’s 'ability to continue as a going concern.' The company’s vital signs are not looking good: it 'has incurred net losses over the past several years, has an accumulated deficit of $44.0 million and an anticipated inability to retire its long-term liabilities,' the audit concluded.
Nevada Geothermal enjoyed significant backing from the federal government. It received a $79 million loan guarantee from the same Energy Department program that helped finance the failed solar company Solyndra. It also got $66 million in federal grants from the Treasury Department.
Reid was instrumental in securing that financing for Nevada Geothermal, the New York Times reported on Monday. 'Mr. Reid has taken the nascent geothermal industry under his wing,' the Times noted, 'pressuring the Department of Interior to move more quickly on applications to build clean energy projects on federally owned land and urging other member[s] of Congress to expand federal tax incentives to help build geothermal plants, benefits that Nevada Geothermal has taken advantage of.'"
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