« CONSTITUTION Home | Email msg. | Reply to msg. | Post new | Board info. Previous | Home | Next

Re: Another hundred million in the toilet...

By: monkeytrots in CONSTITUTION | Recommend this post (0)
Tue, 04 Oct 11 12:36 AM | 76 view(s)
Boardmark this board | Constitutional Corner
Msg. 15501 of 21975
(This msg. is a reply to 15496 by DueDillinger)

Jump:
Jump to board:
Jump to msg. #

Hmmm...the dreaded 'going concern' warning. Let's play Name-the-Crony! It's Nevada, so Harry Reid immediately comes to mind.


Their web-site is NOT updated.

They had damn well better get that done - NOW - or face criminal prosecution.

(tongue-firmly-in-cheek - as in fat f'ing chance - given their political connections.)


Hmmm - Four to Five properties - Only one operational ... and that one is heavily in debt. The 'hundred million' is just a tad more than '100 million' ....

From their 'Blue Mountain' page:

In 2009, NGP was awarded a US $57.9 M ITC grant from the U.S. Department of Treasury for the Faulkner 1 geothermal power plant as well as an additional US$7.9 M for well field expenditures completed post application in July 2011. In addition, NGP closed a US$98.5 M loan at 4.14% in September 2010, with John Hancock Financial Services back by the US Department of Energy with a loan guarantee for 80% of the loan amount.

Let's see 57.9 + 7.9 + 98.5*.8 === what was that ... this is something DIFFERENT .... hmmmmm mebee sew ...

Political Don-ees anybody ? Do we really even NEED to look ?




Avatar

Finally, brethren, whatsoever things are true, whatsoever things are honest, whatsoever things are just, whatsoever things are pure, whatsoever things are lovely, whatsoever things are of good ...


- - - - -
View Replies (2) »



» You can also:
- - - - -
The above is a reply to the following message:
Another hundred million in the toilet...
By: DueDillinger
in CONSTITUTION
Mon, 03 Oct 11 10:08 PM
Msg. 15496 of 21975

We discussed geothermal as a viable alternative energy source not long ago. It's not all about the technology however, as good management and planning are significant determinants of success.

In this emerging case, the DOE guaranteed $98.5MM for the 36 Mw Blue Mountain Geothermal project in Nevada, but the company (Nevada Geothermal Power Co, Inc.) is in trouble.

About to Go Bust After Hefty Obama Loan
Posted by Jim Hoft

The US Department of Energy blew $98.5 million on the Nevada Geothermal Power company.
Now the company is about to go bust.

The Department of Energy brags about their 498.5 million loan to Nevada Geothermal Power.

Now, the Nevada geothermal plant is about to go bust.
Thanks Barack.

The New York Times ( http://www.nytimes.com/2011/10/03/business/a-us-backed-geothermal-plant-in-nevada-struggles.html ) reported:

In a remote desert spot in northern Nevada, there is a geothermal plant run by a politically connected clean energy start-up that has relied heavily on an Obama administration loan guarantee and is now facing financial turmoil.

The company is Nevada Geothermal Power, which like Solyndra, the now-famous California solar company, is struggling with debt after encountering problems at its only operating plant.

After a series of technical missteps that are draining Nevada Geothermal’s cash reserves, its own auditor concluded in a filing released last week that there was “significant doubt about the company’s ability to continue as a going concern.”

It is a description that echoes the warning issued in 2010 by auditors hired by Solyndra, which benefited from the same Energy Department loan guarantee before its collapse in August caused the Obama administration great embarrassment. 

http://www.thegatewaypundit.com/2011/10/another-98-5-million-down-the-drain-nevada-geothermal-about-to-go-bust-after-hefty-obama-loan/

Hmmm...the dreaded 'going concern' warning. Let's play Name-the-Crony! It's Nevada, so Harry Reid immediately comes to mind.

Uploaded Image

∆∆


« CONSTITUTION Home | Email msg. | Reply to msg. | Post new | Board info. Previous | Home | Next