Another “green energy” flop

In early July, Thompson River Power, a Montana power plant filed for Chapter 7 bankruptcy, and with it, $5 million of your tax dollars.

Thompson received these funds as a grant under that wildly popular Stimulus Act.

The grant to Thompson River, majority owned by a Minnesota  private-equity firm, was to convert a coal fired plant to burn wood, which is considered a ‘renewable’ power source.  But since receiving the money, the plant never operated either as a coal or wood-burning plant according to Montana regulators, and has produced neither power nor new jobs. [emphasis supplied]

I am thoroughly confused.

First, I thought private-equity firms were evil “job outsourcers” (see: Bain Capital).  Why would the Obama administration provide a grant to such an entity?

And second, wood burning is ok because it is “renewable”?  Doesn’t burning wood release that evil carbon dioxide that is polluting the planet, causing the seas to rise, and causing virtually everything else bad we can think of, real or imagined?

In any event, Thompson is not the first Stimulus grant to be scattered to the winds.

Raser Technologies, Inc., Provo, Utah, received $33 million [in grants]…for a geothermal -energy plant before declaring bankruptcy last year…Sterling Energy Systems, Inc., the operator of a solar project in Peoria, Ariz., that got $7 million in federal grants, declared Chapter 7 bankruptcy last year.

That’s all, you say?  No, not exactly.

…Treasury is in the process of trying to recoup grants given to four other [grant] recipients, which [Treasury] declined to name.

Well, look at the bright side.

So, we didn’t create jobs in “green energy”, but we’ve done quite well creating jobs in the bankruptcy arena.

 

25 replies
  1. wildcat
    wildcat says:

    Maybe that was the whole point…creating jobs for bankruptcy lawyers, file clerks, etc.? Or maybe…….it’s just your run-of-the-mill crony capitalism at work still.?? This administration of brainiacs can’t really be that inept… to think they just keep haplessly selecting losers to give grants to.? I think this is really a federal money laundering campaign to continue to redistribute wealth under the guise of “green energy jobs”.? Van Jones must be laughing his (blank) off.

  2. mathlady
    mathlady says:

    So if you’re a huge firm you can get federal “stimulus” dollars to burn wood to create energy, but if you’re a homeowner who wants to have an outdoor wood-burning furnace to heat your home and water, that’s a no-no and you could get fined for polluting. Maybe every wood-burning homeowner should apply for a federal “green energy” grant.

    And who was behind the “private-equity” firm? Wonder if it was Goldman-Sachs.

      • dano
        dano says:

        An OWF is nowhere near as clean as a commercial energy generation plant. ?Smoke scrubbers are very efficient and remove all of the smell and solids.

      • JBS
        JBS says:

        johnnyboy111, step away from the Kool-aid. No need to go off.
        Truth and fact have little to do with reality.
        The reality of OWFs is the emissions, called smoke. Lots of smoke!
        OWFs are not a magic, get-off-the-grid-free, bump the utilities, emblem of manly, grizzled self-reliance. Far from it.
        Live downwind of your smoke stack and tell us how wonderful that is.
        ?

  3. Tim-in-Alabama
    Tim-in-Alabama says:

    I think I can sum up how we should view Obama’s business acumen by paraphrasing Tennyson: “Ours is not to reason why. Ours is just to pay and die.”
    ?
    ?

    • Dimsdale
      Dimsdale says:

      Exactly: his business experience extends to graft, kickbacks, payoffs and skimming, and he assumes that this is how everyone does business.? He has ? (get it? 😉 ) economic or business acumen, and the people he hires are tax cheats and crooks.
      ?
      No wonder he won’t release any documents about his schooling and has no accomplishments in the Senate or state gov’t to run on.
      ?
      Time to lose the l?ser.

  4. ricbee
    ricbee says:

    It appears in most cases that very high salaries are paid to the principals & their lobbyists,some dubious equipment purchases made,some large donations to Dems & PACs & then the money runs out.

  5. JBS
    JBS says:

    Follow the? money: All of the grant recipients are undoubtedly connected (there’s that word again) to the Democrat National Committee. It is a money laundering scheme for the DNC! Hard to believe. Here’s how . . . (overheard) . . .
    “Wood, that’s different. Sounds dirty. Whatever. Look. All yous gotta do is have some business school type write up a good looking business plan. Submit it to the Department of Energy. Here, I’ll give you the special number, it’ll get you right through. If it looks good on paper, and you got an understanding with the ‘crats, your loan, ha!, loan, I love it, is a cinch. No one actually looks at your business, no one is going to come checking up. It’s all a paper scam . . . yous get your loan, make the proper contributions to a certain Party, do a little business, pay off your pals and, Zam! Yous take a hefty cut and file for bankruptcy. Neat, clean and you are set. You don’t even have to burn a match!
    Now, there’s a certain fee for my guidance . . . ”
    Hmmmmmmm . . .

    • wildcat
      wildcat says:

      Yep, just like I said yesterday….just a federal money laundering scheme to reward BO’s friends
      ?

  6. dano
    dano says:

    This just goes to show you that Obama can’t even get a company, that he rewards with our money, to be profitable…yet he claims the hardworking successful business owners are just lucky. ?They got everything off the backs of the government and owe them for their success. ?What a joke he is!

  7. JBS
    JBS says:

    I am really tired of the Republicans insisting on defeat when they have victory in hand! The ‘Publicans are mastering the art of missing the moment! The Democrats continually leave themselves open to attack, punches and counter-punches. “You businesspeople . . . are LUCKY?” Team Romney needs to say it like it is. Obama HATES successful business people. He HATES anyone who is successful without government help. He HATES the capitalist system — except for the money. He has fired millions of people. Confiscated untold trillions of dollars. Bankrupted tens of thousands of businesses. Foreclosed on millions of homes. Dashed the dreams of the young, the middle class, the seniors. He wants to see Romney’s tax returns??? WE want to see his unaltered birth certificate, his college grades, his resume, his voting record, a list of his accomplishments. He has created nothing except chaos, crises and deep, anguished concern.
    Obama has NEVER worked for a living. He is the epitome of elite pampered
    Sununu apologizing to the Zero. That’s really rich. Stupid. Romney is running a “gentleman’s” campaign with a candidate who never, ever lived a moment as anything but a thug. Surround yourself with…

  8. JBS
    JBS says:

    Surround yourself with criminals and that’s what you are.
    Obama lies, distorts, demonizes and defames. Romney winces, prances, curtsies, smiles and then says something unremarkable and unmemorable. The Left sets the agenda, the Left controls the narrative; The Republicans are always on the defensive. Apologizing. NEVER calling it like it is. The Left has mastered Goebbelization.
    Republicans! Yeah, you in the timid suit! Grow some cashews! Until then, it’s disgusting:
    Business as usual. Republicans are the enablers.
    ?

  9. bubba
    bubba says:

    i would like to see a tally of how much of our money he has thrown down this green?energy hole. i have a proposal for a hampster wheel energy farm. i think i can get millions from the government for this idea.

    • JBS
      JBS says:

      Dude, you can do this from your keyboard!
      Write up a business plan . . . get a loan . . . go bankrupt . . . bing, bam, your hamster won’t even have to make a complete turn around the wheel and you could be set for life.
      Just remember to make a hefty contribution to the DNC before you go bankrupt.

  10. Lynn
    Lynn says:

    There is no one in President Obama’s whole campaign that even knows what a tax return is and plenty that used every loophole there was….or wasn-‘t Geitner comes to mind. I could care less about Romney’s tax return. Senator McCain vetted Governor Romney as One of his Vp choices and said there is No Smoking gun there. Good enough for me.

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