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Lights go dim on another Obama energy project


Lights go dim on another Obama energy project

Geothermal losses pile up

A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid — faces financial problems, and the company’s auditors have questioned whether it can stay in business.

Much like Solyndra LLC, a California solar-panel manufacturer with a $535 million federal loan guarantee that went bankrupt, Nevada Geothermal Power (NGP) has incurred $98 million in net losses over the past several years, has substantial debts and does not generate enough cash from its current operations after debt-service costs, an internal audit said.

One thought on “Lights go dim on another Obama energy project

  1. Let’s not forget the 100’s of Millions being lost by GM on the Volt…another failed energy project funded by Obama, care of the taxpayers.

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