No group of nations supported solar energy more so than the European Union and few individual nations more so than Spain. So how is that going?
Spain was the world leader in newly installed photo voltaic solar energy. The government literally created a national solar energy industry. Abengoa, the leading Spanish solar company, has filed for bankruptcy after accruing a massive $16.4 billion debt. That bears repeating – $16.4 billion in debt!
Not all of that money is Spanish money! Some of it is yours. As Melissa Quinn reported in the Daily Signal, Abengoa received tens of millions of dollars in taxpayer loans from the Export-Import bank: According to Ex-Im’s records, the bank authorized more than $300 million in loans and loan guarantees to Abengoa and its subsidiaries, with more than a dozen transactions approved from 2007 to 2015.
Lucky us. We didn’t just waste money on American solar energy companies. The solar energy business is a disaster the likes of which has rarely been seen. Forget Solyndra! Since 2009, 112 solar energy companies in the United States and European Union have declared bankruptcy, closed their doors or been acquired by competitors under suboptimal conditions, according to a list put together by Greentech Media. The only way such a disaster can happen is when governments stick their noses into free market capitalism!
And Republicans and the Koch brothers are going to help the Democrat Party continue this mad race toward financial disaster because we can’t get our act together. We can all be proud!