Pelosi’s Brother-in-Law Got $737 Million Dollar Taxpayer Loan to Build Solar Power Plant

Nancy Pelosi is facing accusations of cronyism over a solar energy project being headed up by her brother-in-law. The project got a $737 million dollar taxpayer backed loan guarantee from the Department of Energy amid the growing scandal of at least a dozen other energy companies having received similar loans going bankrupt and/or experiencing financial troubles.

The SolarReserve project is backed by an energy investment fund in which the Minority Leader’s brother-in-law Ronald Pelosi is second in charge.

PCG Clean Energy & Technology Fund (East) LLC is listed as one of the investors in the project that has been given the massive loan, which is even bigger than the one given to Solyndra.

Steve Mitchell served on the board of directors at the now bankrupt Solyndra, and not surprisingly is managing director of Argonaut Private Equity which has also invested in The SolarReserve Project.

Since Solyndra has filed for bankruptcy and laid off 1,100 workers, Mitchell has been asked to testify about the goings on at the firm by two members of the House and asked to provide documents to Congress.

The SolarReserve project is the construction of  a massive ‘solar tower’ in the middle of Tonopah, Nevada. It will stand taller than the Washington Monument, is the first of its kind and is supposed to be able to generate enough power for 43,000 homes. Energy Secretary Steven Chu said the project along with Solyndra would create about 900 construction jobs and at least 52 permanent jobs. 52 jobs!? The economy is saved.

He added: ‘If we want to be a player in the global clean energy race, we must continue to invest in innovative technologies that enable commercial-scale deployment of clean, renewable power like solar.’

The 110-megawatt tower will use the sun’s heat to create steam that drives a turbine, which is based in Santa Monica, California.

Senate Majority Leader Harry Reid is, of course, a strong supporter of the Nevada project, which he says will help his state’s economy recover.

NV Energy, the state’s largest electric utility, has agreed to buy power from the Tonopah tower, which will connect to NV Energy’s power grid. NV Energy will then sell the energy created from the taxpayer funded tower back to taxpayers, BRILLIANT!

Republican critics of the President Obama’s solar energy program have voiced their outrage at the new loans being handed out while the Solyndra scandal is still being investigated.

They have raised concerns about the Department of Energy fast tracking approval of loans to beat the expiration deadline for stimulus funds last September.

While the departments insists projects are being properly vetted, some lawmakers have written to express concern that the vast loans are not being adequately scrutinized.

“Solyndra was the administration’s flagship project and is now being investigated by the FBI, the promised jobs never materialized, and now the Department of Energy is preparing to rush out nearly $5 billion in loans in the final 48 hours before stimulus funds expire — that’s nearly $105 million every hour that must be finalized until the deadline” said Florida representative Cliff Stearns back in September, who is chairman of the investigations subcommittee of the House Committee on Energy and Commerce.

Tom Schatz, president of Washington-based advocacy group Citizens Against Government Waste, said “It is time for a full audit of their activities, their management and their results.”

 

 

 

 

 

 

 

 

 

 

 

Advertisements

1 Comment

  1. trees for sale…

    […]Pelosi’s Brother-in-Law Got $737 Million Dollar Taxpayer Loan to Build Solar Power Plant « The Devout Infidel[…]…


Comments RSS TrackBack Identifier URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s