Aa
U.S. Expects $5 Billion From Program That Funded Solyndra
http://www.bloomberg.com/news/2014-11-12/u-s-expects-5-billion-from-program-that-funded-solyndra.html
"The U.S. government expects to earn $5 billion to $6 billion from the renewable-energy loan program that funded flops including Solyndra LLC, supporting President Barack Obama’s decision to back low-carbon technologies.
The Department of Energy has disbursed about half of $32.4 billion allocated to spur innovation, and the expected return will be detailed in a report due to be released as soon as tomorrow, according to an official who helped put together the data.
The results contradict the widely held view that the U.S. has wasted taxpayer money funding failures including Solyndra, which closed its doors in 2011 after receiving $528 million in government backing. That adds to Obama’s credibility as he seeks to make climate change a bigger priority after announcing a historic emissions deal with China.
A $5 billion return to taxpayers exceeds the returns from many venture capital and private equity investments in clean energy, said Michael Morosi, an analyst at Jetstream Capital LLC, which invests in renewable energy.
“People make a big deal about Solyndra and everything, but there’s a lot of VC capital that got torched right alongside the DOE capital,” Morosi said. “A positive return over 20 years in cleantech? That’s not a bad outcome.”
"The U.S. government expects to earn $5 billion to $6 billion from the renewable-energy loan program that funded flops including Solyndra LLC, supporting President Barack Obama’s decision to back low-carbon technologies.
The Department of Energy has disbursed about half of $32.4 billion allocated to spur innovation, and the expected return will be detailed in a report due to be released as soon as tomorrow, according to an official who helped put together the data.
The results contradict the widely held view that the U.S. has wasted taxpayer money funding failures including Solyndra, which closed its doors in 2011 after receiving $528 million in government backing. That adds to Obama’s credibility as he seeks to make climate change a bigger priority after announcing a historic emissions deal with China.
A $5 billion return to taxpayers exceeds the returns from many venture capital and private equity investments in clean energy, said Michael Morosi, an analyst at Jetstream Capital LLC, which invests in renewable energy.
“People make a big deal about Solyndra and everything, but there’s a lot of VC capital that got torched right alongside the DOE capital,” Morosi said. “A positive return over 20 years in cleantech? That’s not a bad outcome.”
As long as Obama's buddies that were running SOLYNDRA got rich on the taxpayers dime, and aren't ever held accountable for stealing the multi-billions and putting it directly into their own pockets, all's well that ends well.
Right?
Right?
Bah, whats a couple of billion dollars amongst friends, right?
Sorry 32.4 not 34.2
I guess I’m confused, we invested $34.2 Billion (a lot of which was not overseen by the Government on how the money was managed) and we are receiving $5 Billion over 20 years (which we borrowed), will this even cover the interest on the $34.2 Billion? I’m not trying to be contentious; I’m just trying to figure out if this is something to get excited about.
You must join this user group in order to participate in this discussion.
You are reading content posted in the Current Events . . . Group
A list of national and international resources and hotlines to help connect you to needed health and medical services.
Herpes sores blister, then burst, scab and heal.
Herpes spreads by oral, vaginal and anal sex.
STIs are the most common cause of genital sores.
Condoms are the most effective way to prevent HIV and STDs.
PrEP is used by people with high risk to prevent HIV infection.
