The collapse of a Spanish-based multinational renewable energies company could cause election-year embarrassment not only to President Obama, Hillary Clinton, the Clinton Foundation and the Democratic Party, but also to Republican presidential candidate Ted Cruz and his wife Heidi, through their ties to Goldman Sachs.
Announced Tuesday, Seville-headquartered renewables multinational firm Abengoa plans to sell off four solar photovoltaic power plants in Spain for a collective value of $65.13 million, $57.26 million and a net cash flow of $13.9 million, helping the company meet its debt-restructuring targets set out in its feasibility plan.
The asset sale announced Tuesday comes after the company sold in February its 20 percent share in the 100MV Shams-1 concentrated solar power plant in the United Arab Emirates to the Abu Dhabi-based renewable energy company Masdar.
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In spite of the failure of this and other solar power ventures, futurists keep predicting that solar has a sunny future:
Ray Kurzweil has made a bold prediction about the future of solar energy, saying in remarks at a recent medical technology conference that it could become the dominant force in energy production in a little over a decade. That may be tough to swallow, given that solar currently only supplies around 2% of global energy - but Kurzweil’s predictions have been overwhelmingly correct over the last two decades, so he’s worth listening to.
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Ray is a pretty smart guy, so why is he so positive about solar? Perhaps this is the reason:
As every 10-year-old who ever got a sweater for a birthday present has been told, “it’s the thought that counts.” That seems to be the guiding principle at the Department of Energy and the California Public Utilities Commission when it comes to solar power.
The latest example is the $2.2 billion Ivanpah solar thermal plant in California. (Note: Solar thermal plants do not use solar panels to directly convert sunshine to electricity; they use sunshine to boil water that then drives conventional turbines.)
Here’s the story so far. Ivanpah …
- is owned by Google, NRG Energy, and Brightsource, who have a market cap in excess of $500 billion.
- received $1.6 billion in loan guarantees from the Department of Energy.
- is paid four to five times as much per megawatt-hour as natural gas-powered plants.
- is paid two to three times as much per megawatt-hour as other solar power producers.
- has burned thousands of birds to death.
- has delayed loan repayments.
- is seeking over $500 million in grants to help pay off the guaranteed loans.
- burns natural gas for 4.5 hours each morning to get its mojo going.
Brightsource, which is privately held, is owned by a virtual who’s who of those who don’t need subsidies from taxpayers and ratepayers.
Like so many of his peers, did Ray drink the "climate change Kool-Aid"? And could it be that Google is using Ray's boundless exuberance to sell yet another albatross to US taxpayers?
The only way solar can be the dominant source of energy in twelve years is if governments outlaw all other forms of energy generation. And it appears that's exactly what they plan to do.
And no doubt Google will use their considerable public influence to make you think that fascism is superior to a true free market economy.