Feds double down on Solyndra with iffy Abengoa ‘investment’

Feds double down on Solyndra with iffy Abengoa ‘investment’

The Federal government clearly doesn't want the American people to know the details of its new, taxpayer-funded relationship with Abengoa. No learning here.

Abengoa biomass plant. (Photo via Abengoa corporate web site)

WASHINGTON, Dec. 27, 2014 — In 2011, the American public learned about Solyndra, a solar energy company that received a taxpayer-funded loan of $535 million and subsequently went bankrupt.

Rather than learn its lesson and conclude that maybe the government shouldn’t be picking winners and losers in the green energy sector, it appears that the Obama administration has doubled down and made the same mistake again, this time with the Spanish-based “green energy” company Abengoa.

According to the Daily Caller:

The Department of Energy recently turned over more than 1,200 pages of heavily redacted documents in response to a records request about a subsidized biofuels company from The Daily Caller News Foundation.

In October, The DCNF filed a FOIA request with the Energy Department, asking for email records from government officials regarding federal loan guarantees given to Abengoa, a Spanish-based green energy company. The request came on the heels of reports Abengoa was running into big financial problems, despite being given generous taxpayer-backed loans.

The DOE gave The DCNF the records it requested Dec. 18, and after spending time reviewing the documents, it’s apparent there’s a lot of information the department did not want the public to see. The DOE redacted virtually all information specific to Abengoa — in many cases whole pages were blacked out.

In this case, taxpayers could be on the hook to the tune of $2.3 billion, an amount four times greater than the amount wasted on Solyndra.

Solyndra, a startup solar panel manufacturer, made headlines after going bankrupt following a taxpayer boost from President Obama’s stimulus package, to the tune of over $500 million. Not only was this money completely wasted, the move to fund Solyndra raised questions about the vetting process used by the administration, which appears to have rushed into the deal on ideological grounds without fully evaluating the company’s finances. Those questions have never been fully addressed.

The political fallout from this breach of taxpayer trust was minimal at the time. As has generally been the case throughout his administration, Obama has never been held accountable or asked to explain the thought process behind giving such a large amount of money to a company that was clearly not healthy.

The federal government doesn’t want the American people to know the details of their new, taxpayer-funded relationship with Abengoa, a position made clear by the fact that those recently released documents pertaining to the transaction were so heavily redacted.

President Obama, who once promised to usher in the most transparent administration in history, has instead delivered a presidency and an administration that has completely eroded America’s remaining faith in government. Its latest gamble with Agengoa is another case in point.

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