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.
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Photo of worker cleaning solar arrays in India: AP Images