It has been constantly droned into us that the alternative energy industry in Europe, particularly in Germany is so super successful, that it is proof that alternative energy can and would work here in the U.S. Well, the reality is, it isn’t very successful on either side of the pond.
Solar Trust of America LLC, which holds the development rights for the world’s largest solar power project, on Monday filed for bankruptcy protection after its majority owner began insolvency proceedings in Germany.
The Oakland-based company has held rights for the 1,000-megawatt Blythe Solar Power Project in the Southern California desert, which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project.
Solar Trust said it ran short of liquidity after Solar Millennium AG (S2MG.DE), which holds a 70 percent stake, sought court protection in December.
Solar Millennium then tried to sell that stake to solarhybrid AG (SHLG.DE), but that transaction collapsed when solarhybrid also sought court protection in Germany.
Edward Kleinschmidt, Solar Trust of America’s chief operating officer, in a court filing said the company has already missed two quarterly rent payments on the Blythe project, and cannot make several other payments due imminently.
He said NextEraEnergy Resources LLC has committed to provide some financing and “expressed an interest” in serving as an initial bidder for some assets.
Ferrostaal AG owns the other 30 percent of Solar Trust of America but does not provide financial help, Kleinschmidt said.
Solar Trust of America and several affiliates filed for protection from creditors with the U.S. bankruptcy court in Delaware.It estimated to have as much as $10 million of assets, and between $50 million and $100 million of liabilities.
“We have been working with Solar Trust of America for a couple of years in getting this project going,” David Lane, Blythe’s city manager, said in an interview. “Although the project is not in the city limits, we are the only city within 100 miles. My sense is that with the large investment in what was to have been the world’s largest solar power plant, someone somewhere will buy it and build it.”
Separately, Solar Millennium said it has been sued by former Chief Executive Utz Claassen over public statements by company representatives that he claims have damaged his reputation and left him unable to find a job. Solar Millennium said the lawsuit would not directly affect its insolvency proceedings.
Lol, where to start? There’s so much to say about all of this, I think I’ll just leave it to the reader. But, does this mean we didn’t have to move the turtles?
Read more here.
UPDATE: Add another solar giant in to the free fall collapse. Solar panel maker Q-Cells to file for bankruptcy
suyts space 
The lights go down in the desert. What the hell did they expect we skeptics told them a generation or more ago. Obama and the warmest industry have a lot to answer for!!!
There’s been many acts which, if not criminal, they should be, will go unanswered for. The cost has been incalculable.
what happened to the 2.1 billion loan guarantee? Whose pockets did it line? No one can finish the project without federal aid of some sort. Their estimates of jobs for completion were way over board. We discussed this happening when the others started going down or even before they started.
Wow! They’re dropping faster than the global temperature!
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