Human Events Blog

Your green energy bankruptcy of the day: Evergreen Solar

While liberals and their failed President spend every day wailing about the awful “tax breaks” given to those hellish fossil fuels – a.k.a. The Stuff That Actually Works – every day brings a new tale of “green energy” bankruptcy.  Today’s is, at least, primarily a local story, but it’s a mighty expensive one.  Massachusetts bids farewell to Evergreen Solar, as reported by the Associated Press:

Evergreen Solar is asking a bankruptcy judge for permission to walk away from its former plant in Devens.

The company, which received tens of millions in state aid before shuttering its facilities last year and moving its manufacturing operations to China, filed the notice in federal bankruptcy court in Delaware on Monday.

How deep a solar-heated bath will Massachusetts take on this latest green energy triumph?

Evergreen received more than $20 million in grants and $11 million in tax and lease initiatives from Massachusetts. That doesn’t include other tax benefits and millions in upgrades to roads and utilities around the plant.

Gov. Deval Patrick championed Evergreen Solar early in his first term.

(Emphasis mine.)  Ah, the investment acumen of the Left.  It’s a wonder to behold.  And now the taxpayers of Massachusetts will have an empty, useless plant, surrounded by roads and utilities they don’t need, to show for their millions. 

It puts one in mind of the empty, unsalable warehouse facility left behind by the Solyndra bankruptcy, which has degenerated into an environment-threatening toxic waste dump that Solyndra refuses to clean up.  Maybe they could rent it to the producers of The Walking Dead, in case they want to include a scene showing the origins of the zombie virus next season.

If you’re breathing a sigh of relief that at least the federal government wasn’t involved in this particular disaster, well, that’s not entirely true.  There was a Department of Energy connection to Evergreen Solar, but it got cleaned up when the company began selling its assets to a Hong Kong company in November, as Bloomberg News reported:

Evergreen will sell its core wafer assets to Hong Kong- based Max Era Properties Ltd. for about $9.2 million, comprised of $6 million in cash and $3.2 million in unrestricted ordinary shares of China Private Equity Investment Holdings Ltd. (CPEH), according to court documents.

The core wafer assets consist of intellectual property for Evergreen’s so-called “wide wafer” technology used to produce solar panel cells, and interests in a Chinese joint venture. Three “Gemini patents,” in which the Department of Energy claims to hold rights and aren’t useful to the production of the wide wafer technology, aren’t included.

“It’s bittersweet,” P. Sabin Willett, a lawyer for the company, said in an interview after the hearing. “We are happy we completed the sale but it’s sad for the solar industry which has become a political football.”

In other words, the federal government compelled American taxpayers to subsidize the development of Evergreen’s core technology, but at least Uncle Sam was able to pluck those patents from the smoldering wreckage of Deval Patrick’s favorite company.  What Uncle Sam will now do with those treasures is anyone’s guess.

The same article notes that Evergreen claims it went bankrupt due to “increased competition from government-subsidized solar-panel makers in China, and the failure of the U.S. to adopt clean-energy policies.”  Dang it all to sustainable hell!  If only Obama forced us to pour more of our money into the companies run by his top contributors, and worked harder to increase our fuel and electricity prices, maybe America could finally “transform” into a green nation capable of competing with the indentured peasants of communist China!

Green energy: robbing American taxpayers blind to “stimulate” the economy of China.

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  • Guest

     Probably sarcasm

  • http://twitter.com/fsamuels Forrest Samuels

    Nuclear is clean to generate but the waste is a real concern. Accidents releasing radiation are also a huge concern. I think the risks are low enough to make nuclear energy worth developing but don’t ignore they are real and can be much worse than burning fossil fuels if something does happen.

  • Guest

     Ah nuclear energy, the very words send more than half of uneducated America into panic mode. LFTR  reactors would give us an abundant safe, clean way to manufacture energy could be made as a modular and transportable technology that could put people to work here in this country where the concept was developed and tested five decades ago. It won’t happen  now because of Obamakov and his pursuit of nation destruction. I won’t happen because he cares even less for the ignorant masses than he does for the elites that have fallen head over heals for his bullshyt.

    As long as the sheeple are educated in socialist dominated government institutions, they will never understand why an economy requires cheap abundant energy sources and supplies. The majority of students are stupid, have no desire to learn anything on their own and with that said are condemned into a meager existence under the watchful eyes of their masters. It was certainly bad thirty-five years ago I noticed it then that most of my schoolmates were only using school as a meeting place for sexual partners, sports and finding drugs to get high.

  • george

     

    Yes the objective is to reduce the
    BUDGET DEFICIT.

     

    Germany’s solar power industry
    could cool as Berlin plans to cut subsidies in a sector whose energy capacity
    output has more than doubled the government’s projected target.

     

    German authorities want to slash
    up to 30 percent of the industry’s subsidies they claim is increasing the
    surcharge paid by consumers and taking funding away from other renewable energy
    sectors like wind. Despite last year’s subsidy cuts, around 7.5 gigawatts (GW)
    of solar panels, the equivalent of six nuclear power stations, were installed
    in December alone resulting in €8 billion of state funding to the industry. A
    policy that guarantees a fixed price for the next twenty years helped entice
    investors to construct the photovoltaic stations.

     

    Germany wants to reduce yearly
    installations down to a solar energy output between 2.5 GW to 3.5 GW. The aim
    is to reach 66 GW by 2030 and completely phase out its dependence on nuclear
    energy by 2022. Currently at 25 GW, Germany has the world’s largest solar power
    capacity yet only generates around 3 percent of its electricity. The OECD says
    total renewable energy subsidies in Denmark are about half of Germany’s yet it
    generates 30 percent of Danish electricity as opposed to 20 percent in Germany.

     

    Germany’s solar energy industry
    claims the cuts and China’s rising competition could provoke layoffs among the
    120,000 who work in the sector.

     

    “Further drastic cuts in
    support for solar power are not viable. In addition, they endanger Germany’s
    access to one of the world’s largest future-oriented markets and pose a real
    risk to the transformation of the energy system as well as to over 100,000 jobs
    in Germany,” said a statement made by the German Solar Industry
    Association in January.

  • Niniane

    The plant need not sit empty and idle because I am sure the building would be wonderful to grow and process Obama’s latest energy brainstorm — fuel from pond scum. (Since a half-billion was not enough to keep Soyndra out of bankruptcy, a couple billion should be invested.) Just imagine the electric tanker trucks pulling up and plugging in for eight hours before filling with newly produced pond scum biofuel, drive to the next plug-in station fueled by a coal-fired power plant and deliver the product to the retail station in about twenty days. That is the sort of “investment and efficiency” Obama envisions for us.

  • JayC777

    The Integral Fast Reactor (IFR) project created a nuclear reactor that was fueled from the waste (actinides and DU) from existing nuclear plants.We can easily power our country for over 1,000 years just on the waste we already have.Bill Clinton canceled it in 1994, saying that the project was “unnecessary.”

    Jay
    Welcome, to the 21st century.

  • RenegadeScholar

    Nuclear is clean to generate but the waste is a real concern. Accidents releasing radiation are also a huge concern.

    Everything has a “concern,” Forrest, including solar, wind, and campfires. There are no perfect solutions, only tradeoffs.

    The question is whether we address the concerns by building the plants according to the proper standards (this is a place where sensible regulations can be good), or we demagogue the potential problems with ANY energy source–which is what the left-wing eco-nuts try to do EVERY time–in order to get political points for the leftists, who can then claim to “care.”

    Meanwhile, left-wing energy policies KILL both human beings and animals.

    Lighter, more fuel-efficient cars, mandated by the gubmint, end up causing MORE AUTO-RELATED DEATHS because of their lighter, weaker construction.

    High-speed rail KILLS REINDEER in Sweden by the hundreds, while the Alaska pipeline has not hurt a single human or caribou.

    But somehow the “concerns” are always about things that the left-wing hates, even if the things the left-wing loves are actually doing the killing.

  • Nancy_Gray

     I cannot believe Obama’s recent push for plankton.  That’s right up there with the fallacy of ethanol.

  • Dustoff

    Like it or NOT george. These systems are not reliable and require huge gov cash. 

    100.000 jobs, yeah sure bud. Let’s see have we heard this story before. 

  • Drifter12

    This is much bigger than ‘green energy’.  As Obama sees it, he has a win-win-win going.  If green energy works, he gets to take the credit for it along with being able to break our economy with soaring costs.  He then gets to continue with more of these projects, conceived for the sole purpose of promoting campaign kickbacks from his green corporate sponsors, with the taxpayers’s money.  And if all of that fails, he can still pursue his fallback-position and prime directive of  collapsing  the U.S. economy, directly, to facilitate a complete government takeover… 

    Welcome to just one little facet of the criminal conduct, in this, the most corrupt administration in our nation’s history

  • Dustoff

    Well folks, just when the thought the dem’s couldn’t go any lower then they already are..

    *****************************************************

    The flag, which features a picture of President Obama, was taken down Tuesday afternoon.

    Korean war veteran Don Van Beck said his blood was boiling.

    “I can’t describe how upset was because you just don’t do that to the American flag,” Van Beck said.

    Van Beck found it flying outside Lake County Democratic headquarters under the stars and stripes. Marine Corps vet John Masterjohn was seeing red.

  • Dustoff

    LOL…”another” O-dumber failure.  Man he just keeps racking them up.
    ____________________________________________

    In the next few months lenders will
    take new steps to help one million struggling homeowners pay their
    mortgages. But experts say if recent history is any guide, relief won’t
    make it to that many doorsteps.

    Also See

    Over the past few years, the federal government’s
    major mortgage relief programs helped just a fraction of the homeowners
    they initially set out to reach. The so-called Home Affordable
    Modification Program and the Home Affordable Refinance Program, both
    introduced in 2009, have so far assisted just 20% of the homeowners
    government officials projected. Other programs shuttered altogether
    after not gathering enough borrower or lender participation. In fact,
    the U.S. government’s five major programs, which were projected to
    assist 13.4 million homeowners, only reached 1.9 million.

    I wonder how many of O-dumbers friends got some cash from this mess?
    Just like them green jobs. 

  • Dave Jones

    Did Obama lose a bar fight for these green gems? 

  • Wayne Peterkin

    While I would like to do more, I suggest first writing your congressional delegation constantly. Then you might try joining The Heritage Foundation, Americans for Prosperity, NumbersUSA, and your local Tea Party group. There are more but that’s a start. I also like to write directly to the Republican National Committee begging them to change the tone and attack the real issues. That includes asking them to help get Speaker Boehner and the Republican leaders in line, standing for real principles instead of playing Let’s Make A Deal.  Writing local and national media probably doesn’t do much but I do a lot of that anyway. Yes, there are a lot of opinions here, including some of mine. I comment because I’m trying to help convert other opinions, possibly without much success. 

  • Wayne Peterkin

    We are surrounded by radiation every day. People are exposed to higher radiation levels flying across country once than nuke plant workers are exposed to in an average year. Waste can be reprocessed as it is in France reducing the volume by about 80%. In fact, a new reactor type is experimental that may be able to reprocess roughly 90 – 95% of the waste, thereby recycling it to near extinction. With the lone exception of Chernobyl, a plant built with no safety systems and not even a containment dome, there has not been one documented fatality from a radiation leak in over 60 years of nuclear industrial use. It is one of the safest and cleanest industries in the world. The radiation fear is irrational and I would love to have a nuke plant in my back yard hoping I could benefit from the cheap power. By the way, one megawatt from a nuke plant costs about $25, while from natural gas that same megawatt is $30 and roughly $35 – $40 from coal. Wind and solar are far higher and less reliable. 

  • Wayne Peterkin

    Great post and thank you. We need more rational discussion on nuclear power and you just made a real contribution!  

  • JayC777

    Thanks, Wayne. I’m really fond of your postings as well. Especially the one that included having a reactor in your back yard.

    Jay
    Count me in.

  • kiddoc99

     And hopefully the rest of the country will hear that tea-party voice and then realize what a bunch of narrow-minded, backwards-looking, prejudicial yahoos they are and send them home before they have a chance to send the USA back to the nineteenth century. 

  • dfinch

    I have already heard that the super pac will launch one before the election.

  • dredger

    Ok…i’ve thought about it and the more i think a out it the more I see another liberal who likes the idea of making everything “equal”. If that is not correct then try meaning what you say m..or saying what you mean…and perhaaps we’ll get it…..