Sunday, April 22, 2012

Another Federally Subsidized Solar Project Goes Bankrupt

Another government subsidized solar project is in trouble, 10 months after Interior Secretary Ken Salazar and Gov. Jerry Brown broke ground on what was then touted as the world’s largest solar project and a keystone of the Obama administration’s solar energy efforts.

Solar Trust of America, developer of a 1,000-megawatt solar plant in the Southern California desert, sought Chapter 11 bankruptcy protection in a Delaware court on Monday because the Oakland-based firm was unable to meet a deadline for an Energy Department loan guarantee.

Solar Trust is the latest failure in a solar industry shakeout that became apparent last year when Northern California-based panel manufacturer Solyndra closed its doors, defaulting on a $535 million federal loan guarantee.

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