And another one bites the dust - solar power

From Oil Price:

As SunEdison Tanks, Is Rest Of Solar Going With It?
SunEdison, one of the giants in solar power globally, may file for bankruptcy protection, as the solar industry gambles on its future, struggling to compete with low oil and gas prices while simultaneously trying to capitalize on what looks like a rosier long-term future.

The company is at the moment negotiating with creditors that gave it a $725-million second-lien loan in January. What is reportedly being negotiated is a debtor-in-possession deal, which is effectively bankruptcy protection, which would mean relinquishing control of its assets to creditors.

What necessitated the negotiations is SunEdison’s failure to provide lenders with its financial statement for the last quarter of 2015, which was a condition set out in the loan agreement. If it does not release its fourth-quarter report by the end of this month, it will be in technical default on more than one loan, an analyst told Bloomberg, and will face charges of some $1.4 billion.

I have said time and again, alt.energy is not feasible for mainstream baseload. Even with large government subsidies (ie: our tax dollars), they cannot compete with traditional energy sources. For every wind turbine out there, there is the equivalent gas turbine generator running on hot-standby for when the wind shifts. Solar simply does not work unless you adopt an energy-starved lifestyle. Our government is handing out billions of our dollars in subsidies to prop up these companies that offer nothing usable.

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About this Entry

This page contains a single entry by DaveH published on March 25, 2016 9:36 AM.

A note to potential suicide bombers was the previous entry in this blog.

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