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So the framework is:
However,
How much does the Department of the Energy hand out to this trust: only a cool $2.1 billion (well the second largest handout from the DOE)
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It's always nice to see when companies acquire payments and flacks it out to it's share holders.
So how much tax payers money has Citi and the Deutsche stolen? Well the real value will never be known.
Love how the cycle continues, and continues, and continues; well the Cycle of acquire from the taxpayer,pay out to share holders. What are we more afraid of Carbon Emissions or these god forsaken solar plants?
First Solyndra and now the largest corporation with an compelling handout.
From the first days of Al Gore I knew something was boiling in the colander when it came to this igreen revoloution. How empathatically are we failing to do anything, let alone have a government to sustain an failing industry, I believe the government are absoloute idiots having no idea in what they are placing their money in just jumping from ship to ship and bail out if it sinks, or there is something deeply rooted on insider knowledge and gaining more for Wall St than ever before.
I bet on option two, and yet again we loose.
Too bad modren day hippies. Maybe your Apple might have a soloution for that.
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.
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 U.S. Department of Energy. It is unclear how the bankruptcy will affect that project.
Solar Trust said it ran short of liquidity after Solar Millennium AG, which holds a 70 percent stake, sought court protection in December.
Solar Millennium then tried to sell that stake to solarhybrid AG, but that transaction collapsed when solarhybrid also sought court protection in Germany.
Edward Kleinschmidt, Solar Trust of America's chief operating officer, in a court filing said the company has already missed two quarterly rent payments on the Blythe project, and cannot make several other payments due imminently.
He said NextEra Energy Resources LLC has committed to provide some financing and "expressed an interest" in serving as an initial bidder for some assets.
Ferrostaal AG owns the other 30 percent of Solar Trust of America but does not provide financial help, Kleinschmidt said.
Solar Trust of America and several affiliates filed for protection from creditors with the U.S. bankruptcy court in Delaware. It estimated to have as much as $10 million of assets, and between $50 million and $100 million of liabilities.
Blythe is about 220 miles (354 km) southeast of Los Angeles.
"We have been working with Solar Trust of America for a couple of years in getting this project going," David Lane, Blythe's city manager, said in an interview. "Although the project is not in the city limits, we are the only city within 100 miles. My sense is that with the large investment in what was to have been the world's largest solar power plant, someone somewhere will buy it and build it."
Separately, Solar Millennium said it has been sued by former Chief Executive Utz Claassen over public statements by company representatives that he claims have damaged his reputation and left him unable to find a job. Solar Millennium said the lawsuit would not directly affect its insolvency proceedings.
The case is In re: Solar Trust of America LLC et al, U.S. Bankruptcy Court, District of Delaware, No. 12-11136.
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 U.S. Department of Energy. It is unclear how the bankruptcy will affect that project.
Solar Trust said it ran short of liquidity after Solar Millennium AG, which holds a 70 percent stake, sought court protection in December.
Solar Millennium then tried to sell that stake to solarhybrid AG, but that transaction collapsed when solarhybrid also sought court protection in Germany.
Edward Kleinschmidt, Solar Trust of America's chief operating officer, in a court filing said the company has already missed two quarterly rent payments on the Blythe project, and cannot make several other payments due imminently.
He said NextEra Energy Resources LLC has committed to provide some financing and "expressed an interest" in serving as an initial bidder for some assets.
Ferrostaal AG owns the other 30 percent of Solar Trust of America but does not provide financial help, Kleinschmidt said.
Solar Trust of America and several affiliates filed for protection from creditors with the U.S. bankruptcy court in Delaware. It estimated to have as much as $10 million of assets, and between $50 million and $100 million of liabilities.
Blythe is about 220 miles (354 km) southeast of Los Angeles.
"We have been working with Solar Trust of America for a couple of years in getting this project going," David Lane, Blythe's city manager, said in an interview. "Although the project is not in the city limits, we are the only city within 100 miles. My sense is that with the large investment in what was to have been the world's largest solar power plant, someone somewhere will buy it and build it."
Separately, Solar Millennium said it has been sued by former Chief Executive Utz Claassen over public statements by company representatives that he claims have damaged his reputation and left him unable to find a job. Solar Millennium said the lawsuit would not directly affect its insolvency proceedings.
The case is In re: Solar Trust of America LLC et al, U.S. Bankruptcy Court, District of Delaware, No. 12-11136.
How much does the Department of the Energy hand out to this trust: only a cool $2.1 billion (well the second largest handout from the DOE)
That amount was supposed to fund the expansion of the company's 1000 MW Blythe Solar Power Project in Riverside, California. From the funding press release, "This project construction is expected to create over 1,000 direct jobs in Southern California, 7,500 indirect jobs in related industries throughout the United States, and more than 200 long-term operational jobs at the facility itself. It will play a key role in stimulating the American economy,” said Uwe T. Schmidt, Chairman and CEO of Solar Trust of America and Executive Chairman of project development subsidiary Solar Millennium, LLC." Instead, what Solar Trust will do is create lots of billable hours for bankruptcy attorneys (at $1,000/hour), and a good old equity extraction for the $22 million DIP lender, which just happens to be NextEra Energy Resources, LLC, another "alternative energy" company which last year received a $935 million loan courtesy of the very same (and now $2.1 billion poorer) Department of Energy, which is also a subsidiary of public NextEra Energy (NEE), in the process ultimately resulting in yet another transfer of taxpayer cash to NEE's private shareholders
It's always nice to see when companies acquire payments and flacks it out to it's share holders.
World-Class Financial Advisors
In October 2009 Solar Trust engaged Citigroup Global Markets Inc. and Deutsche Bank Securities, Inc. as advisors to assist in securing more than $6 billion in financing for construction of the company’s solar power plants in California and Nevada. Citigroup and Deutsche Bank are also providing advisory services for Solar Trust’s efforts to develop models for debt and equity project financing for its solar power plant projects.
For inquiries or more information on the attractive business and investment opportunities available with Solar Trust of America, please send us an e-mail at investments@SolarTrustofAmerica.com
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For inquiries or more information on the attractive business and investment opportunities available with Solar Trust of America, please send us an e-mail at investments@SolarTrustofAmerica.com
So how much tax payers money has Citi and the Deutsche stolen? Well the real value will never be known.
Love how the cycle continues, and continues, and continues; well the Cycle of acquire from the taxpayer,pay out to share holders. What are we more afraid of Carbon Emissions or these god forsaken solar plants?
First Solyndra and now the largest corporation with an compelling handout.
From the first days of Al Gore I knew something was boiling in the colander when it came to this igreen revoloution. How empathatically are we failing to do anything, let alone have a government to sustain an failing industry, I believe the government are absoloute idiots having no idea in what they are placing their money in just jumping from ship to ship and bail out if it sinks, or there is something deeply rooted on insider knowledge and gaining more for Wall St than ever before.
I bet on option two, and yet again we loose.
Too bad modren day hippies. Maybe your Apple might have a soloution for that.
" 