According to National Review, SunEdison received $1.5 billion in subsidies and loan guarantees. On top of direct Federal subsidies of $400M, SunEdison also received $846 million in federal loans, loan guarantees, tax-exempt federal bonds, and federal insurance. The total government support for SunEdison comes out to $1.5 billion.
The Wall Street Journal is reporting that shareholders won’t get an official voice in the bankruptcy of SunEdison Inc. because the company is “hopelessly insolvent,” with debts outweighing assets by at least $1 billion, a bankruptcy judge has ruled.
When are the citizens of Georgetown going to find out if the proposed solar power plant under construction by Buckthorn-WesTex, a SunEdison subsidiary has been sold or if they have secured financing to restart and complete the project?
Is there a secret Georgetown plan to provide funding to Buckthorn-Westex to complete construction of the Ft Stockton solar power plant? Inquiring minds want to know.
The Obama administration gave out many billions of dollars to these green companies. Almost all of them have failed. Our taxpayer dollars were allocated to firms that did not have a chance to succeed. If this all works out, I will be surprised. I think we may take a hit with the green energy commitment Georgetown has made.
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