U.S. Department of Energy announces loan guarantee to SolarReserve to build giant solar power plant in middle of the desert

Obama administration approved $1bn in green energy loans days after failed Solyndra project due to be completed
$737m guarantee made to Crescent Dunes project in Tonopah, Nevada, for 110-megawatt desert solar power plant
Republicans warn Energy Department is ‘rushing’ $5bn in loans ahead of Friday deadline

In the aftermath of the the doomed Solyndra project, the U.S. Department of Energy has announced a $737 million loan guarantee to SolarReserve to construct a giant solar power plant in Tonopah, Nevada.

The SolarReserve project is backed by an energy investment fund where the Minority Leader’s brother-in-law Ronald Pelosi is a board member.

PCG Clean Energy & Technology Fund (East) LLC is listed as one of the investors in the project that has been given the staggering loan guarantee, which even dwarfs that given to failed company Solyndra.

Other investors include one of the major investors in Solyndra, which is run by one of the directors of Solyndra.

Steve Mitchell, who served on the board of directors at the bankrupt energy company, is also managing director of Argonaut Private Equity, which has invested in the latest project.

Since Solyndra has filed for bankruptcy has been asked to testify about the goings on at the firm by two members of the House and ‘asked to provide documents to Congress’.


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