Another Government-Backed Solar Power Project Going Down The Tubes
In Ohio a solar power company that got over $9 million in government loans has missed a payments, prompting the government to call the loans due:
The state’s effort to help build a renewable- and advanced-energy industry in Ohio with taxpayer assistance is on the verge of suffering its first casualty.
Perrysburg-based Willard & Kelsey Solar Group failed to make payments on a $5 million loan and struggled to get financial investments, so the Ohio Air Quality Development Authority yesterday took the unprecedented step of calling the loan due. It declared the solar manufacturer in default and ordered full repayment by Sept. 3. …
The Ohio Department of Development called a separate loan due this month, ordering Willard & Kelsey to pay $4.1 million by Sept. 5.
If the full amounts are not repaid, the state will begin to liquidate assets and take other legal steps to recoup as much taxpayer money as possible.
Solar power is a nice idea that doesn’t work, yet it has been promoted by the government (with other people’s money) because the politicians, with all the hubris of King Canute sitting on the beach trying to command the tide, seem to think that they can legislate where we get our power from.
And they can, to a point, but it doesn’t end well for the taxpayers or consumers.