If you’re a taxpayer, here’s a story that should really make your blood boil.
Ivanpah, a solar plant in California, received a $1.6 billion loan guarantee backed by the taxpayers. California has one of the nation’s most ambitious renewable portfolio standards. It mandates 33 percent of the state’s power must come from renewable sources. In essence, the RPS guarantees a market for Ivanpah’s product.
To do that, the plant actually needs to generate adequate amounts of electricity, which it is failing to do because it has not received as much sunshine as needed. So, the company is applying for a $539 million taxpayer-funded grant to pay off the taxpayer-backed loan.
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