Wednesday, May 08, 2013
"Oregon prepares to foreclose on SoloPower as solar startup misses loan payment "
Political zeal to "save the environment" has lost a lot of taxpayer money.
It's clearly time to step back, find out what really works, and implement slowly to see what holds up over time...
Richard Read writes about this loser at OregonLive.com:
"Oregon officials are preparing to foreclose on SoloPower Inc. after the government-backed startup missed a loan payment this week in the latest setback for the state's reeling green-energy sector. SoloPower, which is still scrambling to revive its struggling North Portland plant, missed a $50,800 payment Wednesday on a $10 million loan from the Oregon Energy Department, an agency spokeswoman said Friday. If the San Jose, Calif...., company defaults, Portland taxpayers could be out $5 million, because the city guaranteed half the loan last year in wooing the plant away from Wilsonville. Already the state of Oregon is out $20 million in state tax credits issued to SoloPower"
