A major solar power plant project that was granted over a billion dollars in federal loans is on the road to closure, with energy experts blasting the project as a “boondoggle” that harmed the environment.
In 2011, the U.S. Department of Energy (DOE) under former President Barack Obama issued $1.6 billion in loan guarantees to finance the Ivanpah Solar Power Facility, a green energy project that consists of three solar concentrating thermal power plants in California.
The facility was touted by then-Secretary of Energy Ernest Moniz as an “example of how America is becoming a world leader in solar energy.” But after 10 years, the federally funded plant is now on track to close.
“Ivanpah is yet another failed green energy boondoggle, much like Solyndra,” Jason Isaac, CEO of the American Energy Institute, an American energy advocacy group, told Fox News Digital in a statement. “Despite receiving $1.6 billion in federal loan guarantees, it never lived up to its promises, producing less electricity than expected while still relying on natural gas to stay operational.”
“Now, with its power contracts canceled, Ivanpah stands as a testament to the waste and inefficiency of government-subsidized energy schemes,” Isaac said.
Ivanpah consists of three individual units, two of which were contracted by Pacific Gas & Electric (PG&E) in 2009 and scheduled to run until 2039.
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In January, PG&E announced plans to cancel its agreement with Ivanpah 14 years early, determining that “ending the agreements at this time will save customers money compared to the cost of keeping them through 2039” – ultimately putting Ivanpah on notice for closure.
“The Ivanpah plant was a financial boondoggle and environmental disaster,” Julia Dowell of the Sierra Club, an environmental activism group, said of the power plant.
