RUSH: Another solar industry bankrolled by Obama has filed for bankruptcy. This one’s Solar Trust of America, LLC. “Solar Trust of America LLC, which holds the development rights for the world’s largest solar power project, on Monday filed for bankruptcy protection after its majority owner began insolvency proceedings in Germany.” Largest solar power project in the world. “The Oakland-based company has held rights for the 1,000-megawatt Blythe Solar Power Project in the Southern California desert, which last April won $2.1 billion of conditional loan guarantees from the US Department of Energy.”
Just one year ago. This was the second largest loan in the Department of Energy’s now storied history. Now, the thing about this is, the CEO of this company decided that he couldn’t make a go of it because of the flat panel solar industry business and where it was going. There’s just no business there. He can’t compete. Even after telling the regime that he didn’t want the $2.1 billion, they wanted to give it to him anyway. Everywhere you look, every place that Obama has tried to bankroll a so-called green energy outfit, the vast majority of them have descended into bankruptcy and closed up shop. This place, if I’m thinking about the right place, had five employees, Solar Trust of America.
I actually read about this last night. One year ago this outfit got $2.1 billion in taxpayer loans. It was at the time the largest loan in the history of the Department of Energy. It’s since been surpassed. But the news media didn’t want to distract us from the Trayvon Martin shooting from last month or the Republican war on women from last month, so they didn’t talk about this. This story just surfaced. It’s not really a new one. But it’s a Reuters story that actually got published yesterday.
So down the tubes. Solyndra was solar panels, and now Solar Trust of America has filed bankruptcy. But, remember, now, the way we’ve been doing our economy since we were founded, that doesn’t work. The last three-and-a-half years is what works. This business of fending for yourself, everybody’s on your own, that’s never worked. This, green energy, solar energy bankruptcies, under Obama, that is what works.
RUSH: Solyndra, Abound Solar, Energy Conversion Devices, BrightSource, LSP Energy, Evergreen Solar, Ener1, SunPower, Beacon Power, ECOtality, A123, Uni-Solar, Azure Dynamics, and now Solar Trust. Every one of those bankrolled businesses has gone under — and oil is the fuel of the past.