It’s Not Just Solyndra II

I like how the complaint here is that we’re just not socialist enough (like China).

In 2008, Reuters published one of those stories predicting that green power would be cost-competitive with fossil fuels in five years. Headline: “As Energy Costs Soar, U.S. Looks to Solar.” Among the prophets was Richard Feldt, then the CEO of Evergreen Solar, who said that “it’s not far away” and called for more subsidies. On Monday, Evergreen filed for Chapter 11 bankruptcy.

Governor Deval Patrick took a $58 million stake in Evergreen in 2007 with direct subsidies and tax breaks in return for the company building a plant in the state. The goal was “to help Evergreen Solar grow and thrive right here in Massachusetts, and give us a head start toward building a clean energy economy,” Mr. Patrick said at the time.

But in January, Evergreen, shedding cash, shut down the Devens plant and fired 800 workers, claiming it was at a competitive disadvantage because U.S. solar subsidies are lower than China’s.

Speak Your Mind

*

Connect