First Solar’s audacious slogan is “Lowering the cost of solar electricity.” I say audacious because they are selling their own solar panels to themselves at taxpayer expense. There was a time you would be thrown in jail for this but not under Obama.
This is crony socialism or corporate welfare and apparently it is legal.
Obama, lover of all things Eu socialism, should have taken a better look at the success of solar in Europe before giving First Solar $17.3 million in government grants and $15 million in government loans.
All over Europe subsidies have been cut back according to the Washington Post because of their inefficiency and high costs. Germany is cutting subsidies by 44%. Britain and Italy have made similar cuts while Spain has dropped all subsidies.
If it stopped with outlandish subsidies, it would be bad enough. First Solar’s corruption went a step further when they bought their own panels with our tax dollars with the help of Ex-Im who is guaranteed payment by taxpayers in the event of default. Oh, and you should know that this is for two farms in Canada. They are not even in the U.S.
In September 2011, Ex-Im entered the scene and approved $455.7 million in loan guarantees to subsidize the sale of solar panels to two wind farms in Canada. That means if the wind farm ever defaults, the taxpayers pick up the tab, ensuring First Solar gets paid.
But the buyer, in this case, was First Solar.
A small corporation called St. Clair Solar owned the wind farm and was the Canadian company buying First Solar’s panels. But St. Clair Solar was a wholly owned subsidiary of First Solar. So, basically, First Solar was shipping its own solar panels from Ohio to a solar farm it owned in Canada, and the U.S. taxpayers were subsidizing this “export.”..Read more: Washington Examiner: