Nancy Pelosi's brother-in-law is given $737m of taxpayers' money to build a giant solar power plant in the middle of the desert
- Obama administration approved $1bn in green energy loans days after failed Solyndra project due to be completed
- $737m handed to Crescent Dunes project in Tonopah, Nevada, for 110-megawatt desert solar power plant
- Investors include firm Minority leader's brother-in-law and major Solyndra stakeholder
- Republicans warn Energy Department is 'rushing' $5bn in loans ahead of Friday deadline
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| Cronyism? A solar energy project backed by Nancy Pelosi's brother has been granted a massive government loan |
Nancy Pelosi is facing accusations of cronyism after a solar energy project, which her brother-in-law has a stake in, landed a $737 million loan guarantee from the Department of Energy, despite the growing Solyndra scandal.
The massive loan agreement is raising new concerns about the use of taxpayers' money as vast sums are invested in technology similar to that of the doomed energy project.
The investment has intensified the debate over the effectiveness of solar energy as a major power source.
The SolarReserve project is backed by an energy investment fund where the Minority Leader's brother-in-law Ronald Pelosi is second in command.
PCG Clean Energy & Technology Fund (East) LLC is listed as one of the investors in the project that has been given the staggering loan, which even dwarfs that given to failed company Solyndra.
Other investors include one of the major investors in Solyndra, which is run by one of the directors of Solyndra.
Steve Mitchell, who served on the board of directors at the bankrupt energy company, is also managing director of Argonaut Private Equity, which has invested in the latest project.
Since Solyndra has filed for bankruptcy has been asked to testify about the goings on at the firm by two members of the House and 'asked to provide documents to Congress'.
Generator: Artist's impression of the solar plant being constructed northwest of Tonopah, Nevada
The artist's impression shows the incredible size of the giant solar power plant, which is being bankrolled by President Obama's green jobs fund.
Energy will be generated using concentrated solar power technology, in which a series of mirrors direct sunlight to a receiver at the center of the plant.
The 'solar tower' in the middle, which will be taller than the Washington Monument, is the first of its kind to be built.
Stretching out across a plain in Tonopah, Nevada, the mind-bogglingly big project will generate enough electricity to power 43,000 homes.
But the joint announcement by Energy Secretary Steven Chu comes just two days after the doomed Solyndra project, which cost the taxpayer $528 million from the same cash pot, was meant to be completed.
IS SOLAR ENERGY VIABLE?
The loan agreement comes as questions are raised about the effectiveness of solar power as a major energy source.
Although solar energy plants are typically comparatively cheap to operate, they are extremely expensive to build.
The proposed Nevada plant, which will provide power for 43,000 homes, is receiving a $737 million taxpayer loan, as well as private investment.
The low amounts of power generated by solar energy plants has also been criticized. To replace existing energy sources with solar plants would take up large amounts of land and cost vast amounts of money.
The project approval came as part of $1 billion in new loans to green energy companies yesterday.
Republican critics of the President Obama's solar energy program have voiced their outrage at the new loans while the Solyndra scandal is still being investigated.
They have raised concerns that the Department of Energy is rushing through the approval of loans before stimulus funds expire on Friday.
While the departments insists the projects are being properly vetted, some lawmakers have written to express concern that they vast loans are not being adequately scrutinized.
'The administration’s flagship project Solyndra is bankrupt and being investigated by the FBI, the promised jobs never materialized, and now the Department of Energy is preparing to rush out nearly $5 billion in loans in the final 48 hours before stimulus funds expire — that’s nearly $105 million every hour that must be finalized until the deadline,' said Florida representative Cliff Stearns, who is chairman of the investigations subcommittee of the House Committee on Energy and Commerce.
Tom Schatz, president of the Washington-based advocacy group Citizens Against Government Waste, said: 'It is time for a full audit of their activities, their management, and their results.
'Candidly, it might be time for the federal government to rethink the whole idea of loan programs.'
Energy Department spokesman Damien LaVera said the project, which was had extensive reviews that included scrutiny of the parent companies' finances.
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