Pelosi's Brother-in-Law 'Loaned' $737m Taxpayer Money for Failed 'Green' Project
Obama Admin gave 'loan' for 'green' energy project to Nancy Pelosi's husband's brother
While Democrats are pushing the "Green New Deal" - requiring unprecedented funding - while simultaneously rejecting Donald Trump's requests for increased border security funds, details of a "loan" that was granted to Nancy Pelosi's brother-in-law have emerged, further highlighting the Dems' hypocritical use of taxpayer money.
When it comes to liberal causes, it seems that the pot of taxpayers funds is never-ending, as Pelosi's husband's brother, Ron Pelosi received $737 million (737,000,000 US dollars!) in 2011 from the Obama Administration as a "Green Energy Loan" to build a solar energy power plant in the Nevada desert which has since failed.
The massive loan agreement was granted despite growing concerns at the time about the use of taxpayers' money as vast sums were invested in technology similar to that of the doomed Solyndra energy project.
The $737m handed to Ron Pelosi's Crescent Dunes project in Tonopah, Nevada, for a 110-megawatt desert solar power plant, was approved by the Obama administration just days after the failed Solyndra project filed for bankruptcy before it was due to be completed.
Despite warnings, the "loan" for then-Minority Leader Pelosi's brother-in-law's company was granted, and the ground was broken on the plant's build in 2011.
Construction was completed at the end of 2013, followed by several months of testing the plant systems.
The project entered the commissioning phase in February 2014 following completion of construction.
It began operation in September 2015 but went off-line in October 2016 due to a leak in a molten salt tank. It returned to operation in July 2017.
Crescent Dunes began operation in September 2015 but went off-line in October 2016 due to a leak in a molten salt tank.
It returned to operation in July 2017.
While its average monthly production was expected to exceed 40,000 MWh, as of October 2018 it only exceeded half of that value during 8 months.
At the plant's current rate of energy production, it's unlikely that any of the "loan" will ever be paid back.
At the time the money was granted, there was fierce debate over the effectiveness of solar energy as a major power source.
According to the Dail Mail, the SolarReserve project is backed by an energy investment fund where the Democratic House speaker's brother-in-law Ronald Pelosi is second in command.
PCG Clean Energy & Technology Fund (East) LLC is listed as one of the investors in the project that was given the staggering loan, 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 also invested in the Pelosi project.
Since Solyndra filed for bankruptcy executives of the firm were asked to testify about the goings on at the company by two members of the House and "asked to provide documents to Congress."
The doomed Solyndra project also cost the taxpayer $528 million from the same cash pot.
The approval from Ron Pelosi's project came as part of $1 billion in new loans to green energy companies yesterday.
Seemingly utilizing the same bottomless pot of taxpayer funds, Rep. Alexandria Ocasio-Cortez (D-NY) introduced her "Green New Deal" proposal on Thursday that promises to provide "economic security" for those who are "unwilling to work," according to talking points distributed by her office.
The new legislation, introduced by socialist Ocasio-Cortez and Sen. Ed. Market (D-MA), states that it aims to move the United States over to 100% renewable energy sources in the next ten years, completely abolishing the use of fossil fuels and internal combustion engines for vehicles.
The bill also vows to guarantee “a job with a family-sustaining wage, adequate family and medical leave, paid vacations, and retirement security to all people of the United States.”
According to the “frequently asked questions” sheet provided by Ocasio-Cortez’s staff to NPR, the plan will provide “[e]conomic security for all who are unable or unwilling to work.”