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.