Obama Administration Subsidizes Solar Energy Via Loans to India

By:  Michael Tennant
08/22/2011
       
Obama Administration Subsidizes Solar Energy Via Loans to India

Despite its less-than-stellar record of picking winning solar energy companies — subsidizing, for instance, Solyndra of California and Evergreen Solar of Massachusetts — the Obama administration is determined to continue the practice of unconstitutionally financing these boondoggles. This time, however, it is doing so in a more roundabout way via the U.S. Export-Import Bank (Ex-Im Bank), which is making $575 million in taxpayer-guaranteed loans to companies in India to purchase solar modules from U.S. firms.

According to CNSNews.com, the Ex-Im Bank has already loaned $75 million for four solar projects in India this year, and the bank says it “has about $500 million of India solar projects in the pipeline that will generate an estimated 315 [megawatts] of solar power.” Among the projects already receiving loans are two five-megawatt solar photovoltaic plants in Rajasthan, for which the Ex-Im Bank is providing a total of $25.2 million in financing to purchase thin-film solar modules from First Solar, Inc., of Tempe, Arizona, and Abound Solar, Inc., of Loveland, Colorado.

Despite its less-than-stellar record of picking winning solar energy companies — subsidizing, for instance, Solyndra of California and Evergreen Solar of Massachusetts — the Obama administration is determined to continue the practice of unconstitutionally financing these boondoggles. This time, however, it is doing so in a more roundabout way via the U.S. Export-Import Bank (Ex-Im Bank), which is making $575 million in taxpayer-guaranteed loans to companies in India to purchase solar modules from U.S. firms.

According to CNSNews.com, the Ex-Im Bank has already loaned $75 million for four solar projects in India this year, and the bank says it “has about $500 million of India solar projects in the pipeline that will generate an estimated 315 [megawatts] of solar power.” Among the projects already receiving loans are two five-megawatt solar photovoltaic plants in Rajasthan, for which the Ex-Im Bank is providing a total of $25.2 million in financing to purchase thin-film solar modules from First Solar, Inc., of Tempe, Arizona, and Abound Solar, Inc., of Loveland, Colorado.

Click here to read the entire article.

Photo of worker cleaning solar arrays in India: AP Images

 

The JBS Weekly Member Update offers activism tips, new educational tools, upcoming events, and JBS perspective. Every Monday this e-newsletter will keep you informed on current action projects and offer insight into news events you won't hear from the mainstream media.
JBS Facebook JBS Twitter JBS YouTube JBS RSS Feed