Obama's Green Programme that Sparked Solyndra Scandal Turns Profit

[bananas]

Source: International Business Times

A US government renewable energy programme described by Republicans as "disgusting" and "a colossal failure" has turned a profit for the first time.

The Loans Program Office became a stick to beat President Barack Obama with during the campaigning for the 2012 election, after the solar energy company Solyndra defaulted on a $535m loan it received from the Department of Energy.

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Now, it has reported a profit of $30m, after collecting interest payments of $810m on total loans of $34.2bn, Reuters reports.

The lending programme was borne out of 2005's Energy Policy Act and was designed to stimulate the US' fledgling renewable energy sector. The intention was never to make money but to subsidise an industry that has always struggled to gain commercial financing. An initial $10bn was set aside to cover those losses.

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The US Energy Secretary told NPR that it "literally kickstarted the whole utility-scale photovoltaic industry".

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Read more: http://www.ibtimes.co.uk/obamas-green-programme-that-sparked-solyndra-scandal-turns-profit-1474582

[bananas]

1. Reuters Exclusive: Controversial U.S. energy loan program has wiped out losses

http://news.yahoo.com/exclusive-controversial-u-energy-loan-program-wiped-losses-050212629--finance.html

Exclusive: Controversial U.S. energy loan program has wiped out losses
By Nichola Groom 10 hours ago

(Reuters) - The controversial government program that funded failed solar company Solyndra, and became a lighting rod in the 2012 presidential election, is officially in the black.

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"Taxpayers are not only benefiting from some of the world's most innovative energy projects... but these projects are making good on their loan repayments," Peter Davidson, executive director of the Loan Programs Office, said in an interview on Wednesday. Davidson took over the loan program in May of 2013.

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The losses are not expected to rise significantly, while "every month money continues to roll in" from interest payments, Davidson said.

"We feel very confident that going forward our portfolio is much less risky than it has been," Davidson said.

That is because most of the projects that received government loans are large power plants that are now feeding electricity into the grid, Davidson said. They include massive photovoltaic solar and solar thermal power plants in California and Arizona, wind farms and geothermal energy facilities.

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[bananas]

2. NPR: After Solyndra Loss, U.S. Energy Loan Program Turning A Profit

http://www.npr.org/2014/11/13/363572151/after-solyndra-loss-u-s-energy-loan-program-turning-a-profit

After Solyndra Loss, U.S. Energy Loan Program Turning A Profit
November 13, 2014 12:03 AM ET
Jeff Brady

In 2011, solar panel company Solyndra defaulted on a $535 million loan guaranteed by the Department of Energy. The agency had a few other high-profile bankruptcies, too — electric car company Fisker and solar company Abound among them. But now that loan program has started turning a profit.

Overall, the agency has loaned $34.2 billion to a variety of businesses, under a program designed to speed up development of clean-energy technology. Companies have defaulted on $780 million of that — a loss rate of 2.28 percent. The agency also has collected $810 million in interest payments, putting the program $30 million in the black.

When Congress created the loan program under the Energy Policy Act of 2005, it was never designed to be a moneymaker. In fact, Congress imagined there would be losses and set aside $10 billion to cover them.

Still, when the Solyndra case emerged, Republicans on Capitol Hill had pointed criticism for the Obama administration. Rep. Steve Scalise, R-La., called the Solyndra case "disgusting," and Sen. Lisa Murkowski, R-Alaska, labeled it "a colossal failure." The conservative group Americans for Prosperity produced a television ad accusing President Obama of paying back campaign contributors.

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[Botany]

3. But what about Ebola, Benghazi, the IRS targeting teaparty ass hats, and .......

No doubt this will be a lead story on Fox News today.

[Marthe48]

4. President Obama looks at the future

Something rightwingers cannot do. If it were a game of pool, they couldn't set up a good leave...

[Iliyah]

7. Right Wingers want to return to the ugly past

[1StrongBlackMan]

11. And, they would laugh ...

because President Obama does slam ball into the pockets.

BTW, when I was first learning the money game, I thought I was pretty good, as I could beat most people I played. Then, I ran into a guy told me (as he ran 3 racks ($205) on me, before I got another shot): "Pool is a game of soft and softer".

That was the best advice I every received.

[Marthe48]

17. My husband is the pool player

He hasn't played for a long time, but he was astonishing

[1StrongBlackMan]

18. Between Bartending and Bouncing ...

Pool allowed me to eat during college.

[Marthe48]

20. Bought him a lot of beer

[Scuba]

5. They forgot to put "scandal" in quotes.

[Historic NY]

6. I've been approved by my local utility company to go with solar...

so soon they should come and begin the installation.

[valerief]

8. I'm sure Fox News will be blabbing about this for hours on end.

Or more likely NOT.

[Iliyah]

9. K & R

All fairly good news will be suppressed and all the "taken out of content" so called bad news will saturate the airwaves by yours truly the bought off media and their non-journalist assholes.

Positive news is no more. Every possible horrible angry crapola does. For a country of "Christians" they is so much hatred.

[yallerdawg]

10. This is fantastic.

This is transformative. This is government of the people investing in the future.

Another Obama victory no one will hear of.

[Spitfire of ATJ]

12. I can't believe all of the solar panels I'm seeing lately.

[bananas]

15. I'm glad to hear that!

I remember when people started saying that about wind turbines.

[Depaysement]

13. Ho-hum

Another Obama success.

[grahamhgreen]

14. This is important. Credit where credit is due:) We should do more with unlimited energy sources!!!

[Dustlawyer]

16. While this is being reported, Republicans plan on defunding the EPA so oil refiners can pollute and

poison citizens with impunity! Even though the laws will remain in place there would be little to no enforcement (not much different than now), which means that Republicans are encouraging these companies to violate the law. If Democrats were not also bought off they would be screaming this to the American public at every opportunity. They need to explain that these regulations are necessary and give examples why. These companies are making record profits and Republicans cry that they need relief from these "pesky, job killing regulations."

[Cha]

19. Wonderful environmental progress in spite of gop/US "media" fake scandals.. YAY!

Mahalo bananas

[Sunlei]

21. It has never been revealed who backed the chinese 50% price cut on solar panels that ruined Solyndra

Just a couple weeks before their doors opened for 100s of American JOBS.

Chinese mentioned they had money backers to make that HUGE price undercut, who were those money backers?

Anyway it's a very good thing those loans are now paid.

But some 'big honcho moneymen' who invest in China got away with ruining a ready to go company and cost LOTS of American jobs.

[hughee99]

22. Either I didn't understand the details or don't understand what a "profit" is...

It's certainly good news (and a nice F-U to republicans) that the program is doing so well and was able to recover from losses on some of their investments, but if they loaned out 34.2 billion dollars, doesn't 34.2 billion dollars have to be paid back before they're making a "profit"?