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.