Two more renewable energy companies have failed (or are about to fail), despite hundreds of millions of dollars of government taxpayer-financed loan guarantees, tax credits, and grants. Both failures are taking place in the state of Nevada, and both companies were strongly supported by Nevada Sen. Harry Reid as major job creators. Reid promoted renewable energy in his state by comparing Nevada's sunshine and geothermal resources to the value of Saudi Arabian oil. Minor editing below in bold is mine.
1. Washington Times -- "A geothermal energy company with a $98.5 million loan guarantee from the Obama administration U.S. taxpayers for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid — faces financial problems, and the company’s auditors have questioned whether it can stay in business.
Much like Solyndra LLC, a California solar-panel manufacturer with a $535 million federal loan guarantee that went bankrupt, Nevada Geothermal Power (NGP) has incurred $98 million in net losses over the past several years, has substantial debts and does not generate enough cash from its current operations after debt-service costs, an internal audit said."
2. Las Vegas Review-Journal -- "The Amonix solar manufacturing plant in North Las Vegas, subsidized by U.S. taxpayers with more than $20 million in federal tax credits and grants, has closed its 214,000-square-foot facility about a year after it opened.
A designer and manufacturer of concentrated photovoltaic solar power systems, Amonix received $6 million in taxpayer-funded federal tax credits for the North Las Vegas plant and a $15.6 million grant from U.S. taxpayers via the U.S. Department of Energy in 2007 for research and development."
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