Say buh-bye to another Green Energy Company

From The Washington Times:

Lights go dim on another energy project
A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada � which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid � faces financial problems, and the company�s auditors have questioned whether it can stay in business.

Much like Solyndra LLC, a California solar-panel manufacturer with a $535 million federal loan guarantee that went bankrupt, Nevada Geothermal Power (NGP) has incurred $98 million in net losses over the past several years, has substantial debts and does not generate enough cash from its current operations after debt-service costs, an internal audit said.

�The company�s ability to continue as a going concern is dependent on its available cash and its ability to continue to raise funds to support corporate operations and the development of other properties,� NGP auditors said in a financial statement for the period ending March 31.

�Consequently, material uncertainties exist which cast significant doubt upon the company�s ability to continue as a going concern,� the statement said.

Mr. Reid, a Nevada Democrat who led passage of the $814 billion stimulus bill and worked to include the loan guarantee program to help finance clean-energy projects, predicted in 2010 that NGP would �put Nevadans to work� and declared that Nevada was the �Saudi Arabia of geothermal energy.�

Mr. Chu celebrated NGP�s potential in his June 2010 announcement of the loan guarantee, saying the federal government�s support of the company demonstrated its commitment to geothermal power to achieve the nation�s clean-energy goals.

Dr. Chu and Senator Reid are not malevolent. They are just clueless and not really that smart. Reader Hobbs_Wayne offers this short list:

There are NO professionals in the Obama administration, there are only corrupt radical ideologists, crony capitalists who use the tax dollars to stay in power by funding Democrat relatives and Obama supporters and to place their extreme agenda over reality, over people. There were NO risk assessments, NO cost benefit analysis and NO contingency plans. There is only the strangulation of the current energy system and the forced implementation of a bankruptcy "renewable" ideology that has been in use in Europe for over 20 years, that still only provides 10% of it energy requirements.

Here is the short list below:

Solyndra - $535 million- largely owned by Obama fundraiser George Kaiser.
Tonopah - a $737 million loan guarantee tied to Nancy Pelosi's Brother-in-Law.
Fisker - $525 million loan guarantee to Fisker, KARMA Electric Cars, backed by a firm that counts ex-Vice President Al Gore among its partners and Biden supported. Biden said that they would produce over a 1,000 manufacturing jobs. ....In Finland.
NextEra - $2 Billion loan guarantee for Obama Jobs Council cohort, Lewis Hay.
Beacon Power - 43 Million - Bankruptcy

Contributions to the Democratic Party: First Solar, Prologis and Sun Power - $4.75 Billion in Federal Loan Guarantees Sun Power - $1.2 Billion, California Demo Rep George Miller's Son, Sun Powers' Top Lobbyist. (15 Perm Jobs, $80 Million Per Job). .....After loan guarantee, French Firm, Total, bought majority ownership and got $1 Billion credit line. .....Reports $150 Million in losses; debt at 80% of its market value.

That's about it...