Abound Solar received a $400 million loan guarantee to manufacture photovoltaic panels. It ended up halting production, laying off 180 workers and filing for bankruptcy.
Nevada Geothermal Power won a $98.5 million loan guarantee from Mr. Obama but has since fallen into “financial turmoil.” In a financial statement earlier this year, NGP said “material uncertainties exist which cast significant doubt upon the company’s ability to continue as a going concern,” The Washington Times reported last month.
Ener1: After a $118 million stimulus package deal from the administration, the manufacturer of lithium-ion batteries for electric cars filed for bankruptcy last year.
Amonix, a solar-panel firm in North Las Vegas, gave 700 workers pink slips after receiving a $6 million tax credit and $15.6 million federal grant.
Mr. Obama made preposterous claims that these and other green-energy projects would create millions of new jobs in the years to come, comparing his program to President Kennedy’s space program to put men on the moon.
Some of the administration’s own economic advisers said the tens of billions of dollars Mr. Obama has pumped into these programs have created few jobs.
“I was very active in the implementation of the Recovery Act,” said economist Jared Bernstein, an administration adviser, “and one thing we found about clean energy was that if you build a solar plant, you’re going to hire a lot of people. [I]f you run a solar plant, it doesn’t take a ton of people to run some of these plants. … So some of these firms don’t employ as many people as you might hope,” he told the American Action Forum last April.
The Republican House Energy Committee passed the No More Solyndras Act on Wednesday to begin phasing out the loan program for green-energy projects. Don’t hold your breath for any similar action in the Democrat-run Senate.
Donald Lambro is a syndicated columnist and former chief political correspondent for The Washington Times.