Solar Company Facing Financial Problems
Tue April 3, 2012
Senator Paul Questions Federal Expenditures for Solar Power
A California Solar Energy company that had been touted by the Obama Administration as the world's largest solar power plant has filed for bankruptcy. U-S Senator Rand Paul of Kentucky says the situation is raising more questions about the energy companies the President has tried to help. The lawmaker from Bowling Green told WKU Public Radio, "He's for solar panels, as long as his friends build the solar panels, so I think there are some real problems here. "
According to the Associated Press, the bankruptcy filing of Solar Trust of America is a significant setback for the solar energy plan of the Administration. The bankruptcy comes on the heals of the failure of Solyndra, a solar firm that received a 500 million dollar federal loan.
Interior Secretary Ken Salazar and California Governor Jerry Brown attended the ground-breaking ceremonies for the Solar Trust project last June. At the time the plant was described as a "keystone" of the Obama Administration's efforts to promote solar energy.
Supporters of the investments say solar energy is needed to help reduce the nation's reliance on petroleum. President Obama has pointed to the need for advanced solar technology to help provide energy and create high-tech jobs.