Solyndra II?

Not satisfied with having thrown hundreds of millions away on Solyndra, the Obama Administration is now going to throw billions – from a Department of Energy press release:

U.S. Energy Secretary Steven Chu today announced the Energy Department finalized a $1.2 billion loan guarantee to Mojave Solar LLC for the development of the Mojave Solar Project (MSP).  When complete, the 250MW solar generation project located in San Bernardino County, California will increase the nation’s currently installed concentrating solar power (CSP) capacity by approximately 50 percent.  Abengoa Solar Inc., the project sponsor, estimates it will fund more than 900 construction and permanent operations jobs…

Sounds great, huh?  But we’ve heard this before from DoE:

Vice President Joe Biden, appearing via satellite from Washington D.C., today announced the Department of Energy has finalized a $535 million loan guarantee for Solyndra, Inc., which manufactures innovative cylindrical solar photovoltaic panels that provide clean, renewable energy. The funding will finance construction of the first phase of the company’s new manufacturing facility. Annual production of solar panels from the first phase is expected to provide energy equivalent to powering 24,000 homes a year or over half a million homes over the project’s lifetime.  Solyndra estimates the new plant will initially create 3,000 construction jobs, and lead to as many as 1,000 jobs once the facility opens.  Hundreds more will install Solyndra’s solar panels on rooftops around the country…

Will the new loan guarantee prove better than the last, or is this good money after bad?  Also, did the people running Mojave Solar LLC donate to President Obama?  Other Democrats?  How often have they been to visit the White House?  Is this a hard-nosed, business decision or just another political pay off?

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