Google billionaires request $539 million federal bailout after spending $1.6 billion of “stimulus” funding on failed solar power project

Ivanpah is a solar power company owned by Google, BrightSource Energy, and NRG.

In April 2011, as part of Obama’s “stimulus,” Obama gave Ivanpah a $1.6 billion loan guarantee to build a solar power plant.

In November 2014, when the plant was up and running, Associated Press reported that it was producing only “about half of its expected annual output.” The California Energy Commission blamed this failure on “clouds, jet contrails, and weather.”

In November 2014, Ivanpah asked Obama for a $539 million bailout.

Google is owned by Larry Page and Sergey Brin. At the time they requested this $539 million bailout, Page was the 19th richest person in the world, with assets of $30.4 billion, and Brin was the 20th richest person in the world, with assets of $30 billion.

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December 1, 2014. Tags: , , , , , , , , , , , , , , , . Barack Obama, Environmentalism, Government waste, Politics.

7 Comments

  1. hmichaelh replied:

    I’m sure it has nothing to do with the Federal Loan Guarantee, Dan, but you failed to mention both of these guys contributed a bundle to the political campaigns of Ohbongo and other Liberal Democrats. You should mention the charitable gifts these men make to offset the implied negatives of the article upon which you comment. They, and George Soros, never get the credit they deserve for this wonderful and selfless act of support of a political party. It seems only the Koch Brothers get such fame, and then it’s presented in a negative way by Democrats.

    (For the Low Information Voter, that is a sarcastic remark.)

  2. Idea Capitalist replied:

    Reblogged this on Idea Capitalists and commented:
    This is all about Obama and one of his kickbacks to his campaign donors. Ivanpah is only the tip of the iceberg when it comes to the billions of taxpayer funded stimulus dollars spent on failed Greentech. You can blame CEOs of corporations for their greed but in the end they have to answer to their stockholders. I would expect no less from corporations, but a whole lot more from our POTUS.

  3. 5WarVeteran replied:

    How do I say this politely? Screw them . . .

  4. John M replied:

    Good post, to add in the net worth of the parent company owners (Page and Brin). It’s not really venture capitalism if nothing is ventured, is it? Success = payola; failure = taxpayers pick up the tab. Either way, there’s probably green energy tax benefits for the “investors.”

  5. tar714 replied:

    So they get $1.6 billion in stimulus in 2011. Three years later they are asking for a $539 million bailout. $539 million of taxpayer money we DON’T have! These Obama donors should not have gotten the $1.6 Billion of taxpayer funded (China supported) money in the first place. However Obama really pays his supporters and donors well, with taxpayer money! I like 5WarVeterans direct approach: Screw’em! those leeches are billionaires 30 times over. Cut your losses and find another ruse, sorry scheme, my apologies business venture to undertake!

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